Annual Financial Report

GreenSquareAccord Limited

21 August 2026

 

GreenSquareAccord Limited

21 August 2026

GreenSquareAccord Limited Announces Financial Results for 2026/27

GreenSquareAccord is pleased to announce its financial results for the year ended 31 March 2026.

The year has been characterised by continued investment in existing homes, strategic repositioning of the business towards its core social housing activities and delivery of the Group's "Simpler, Stronger, Better" corporate strategy. Despite a challenging operating environment and significant investment in customer safety, repairs and stock quality, GSA has maintained financial resilience, strong liquidity and compliance with all lender covenants.

The Group reported an operating surplus of £47.6m (2025: £34.0m), reflecting the benefit of strategic property disposals alongside a continued focus on operational performance. Excluding non-recurring costs and property disposals, operating surplus was £26.7m (2025: £30.5m). Turnover for the year was £208.9m (2025: £221.9m).

During the year GSA invested heavily in customers' homes, with £31.3m capital expenditure on existing homes and a further £22.8m of revenue expenditure on repairs and refurbishment activities. Significant investment was also made in electrical and fire safety programmes and in improving the energy performance of homes.  

The Group continued to deliver new affordable homes while responsibly rebalancing investment towards its existing stock. During 2025/26:

·      £27.3m was invested in development activity.

·      121 affordable homes were completed and added into management.

·      The Group completed 231 strategic housing disposals, generating proceeds that will be reinvested into existing homes and future investment programmes.

Customer satisfaction continued to improve, with low-cost rental accommodation satisfaction increasing to 66.8% and low-cost home ownership satisfaction increasing to 51.2%, reflecting the positive impact of service improvements and customer-focused initiatives delivered throughout the year.  

The Group reported a total comprehensive deficit of £0.3m (2025: deficit of £16.1m), primarily reflecting non-recurring strategic costs associated with simplifying the business, including office rationalisation, closure costs relating to LoCaL Homes and write-offs associated with discontinued projects. These costs were substantially offset by £24.9m gains from strategic property disposals.  

The Group's balance sheet remains strong, with:

·      Total fixed assets of £2.09bn (2025: £2.07bn)

·      Net assets of £544.8m (2025: £545.2m)

·      Cash balances of £122.8m at 31 March 2026

·      Available liquidity of £202.5m (together with £100m of retained bonds available if required)

Key financial metrics for 2025/26

·      EBITDA MRI Interest Cover: 91% (2024/25: 79%)

·      EBITDA Interest Cover: 159% (2024/25: 128%)

·      ROCE: 2.3% (2024/25: 1.6%)

·      Gearing (Net Debt): 50% (2024/25: 51%)

Ruth Cooke, Chief Executive, said:

"This year we have continued to strengthen GreenSquareAccord by focusing on what matters most: providing safe, affordable, high-quality homes and services for our customers."

"Whilst the operating environment remains challenging, we have maintained financial resilience, invested significantly in existing homes and building safety, improved customer satisfaction and continued to deliver new affordable housing. We have also taken important strategic decisions to simplify the organisation, reduce exposure to non-core activities and position the Group for long-term success."

"As we look ahead, our priorities remain clear: improving services, investing in the quality and sustainability of our homes, strengthening customer outcomes and ensuring GreenSquareAccord remains a financially robust and trusted social landlord."  

The Annual Report and Financial Statements for GreenSquareAccord Limited for the year ended 31 March 2026 are available on the Group's website (link below)

https://gsa-website.files.svdcdn.com/production/documents/Publications/2026-GSA-Financial-Statements.pdf?dm=1787126528

 

END