Half Year Results
Summary by AI BETAClose X
Interim Financial Results for the 6 months ending 30 September 2025
The Guinness Partnership is pleased to report our results for the six months to 30 September 2025. These results are based on unaudited management accounts and operational performance reports.
Group Highlights
· Turnover of £262m (2025 H1: £261m).
· Investment in and maintenance of existing homes totalling £109m (2025 H1: £99m).
· Investment of £97m on new homes with 462 new homes completed, all of which are affordable homes, and 95 homes starting on site (2025 H1: 567 completions / 347 starts).
· Liquidity comprising cash and undrawn loan facilities of £750m (2025 H1: £915m).
· Credit ratings of A- (negative) from S&P and A3 (stable) from Moody's.
Financial Indicators
|
Group Performance |
H1 2026 |
H1 2025 |
|
Turnover |
£261.8m |
£261.4m |
|
Operating Surplus |
£61.4m |
£55.1m |
|
Operating Margin (overall) |
23.5% |
21.1% |
|
Total Surplus |
£17.8m |
£16.4m |
|
Net Margin |
6.8% |
6.3% |
|
EBITDA-MRI Interest Cover |
98.7%
|
111.5%
|
|
Interest cover |
189.0% |
197.5% |
|
Gearing |
45% |
43% |
|
Available Liquidity |
£750m |
£915m |
|
Cash and cash equivalents |
£48.0m |
£57.0m |
In an operating environment that remains challenging, Guinness has continued to focus on providing safe, warm and decent homes to people who need them, good services and being a robust business. Guinness remains financially resilient, with strong liquidity and capacity to invest in homes and services, albeit the demands on that capacity mean there continue to be choices to be made about how to meet our priorities.
In the six months to 30 September 2025 the Group invested £109.2m on maintaining and improving our existing homes and spent a further £96.6m on developing new homes. We remain committed to developing new homes and during the six months to 30 September 2025 we completed 462 new homes (all of which were affordable) with a further 95 homes starting on site. We continue to monitor and manage the risks associated with delivering new homes to ensure that our exposure is at an appropriate level.
In the first six months of the year we also completed the full operational integration of Shepherds Bush Housing Association (SBHA) into the Group.
Operating performance - The Guinness Partnership Limited (TGPL)
TGPL is reporting an operating surplus of £61.2m at the end of September 2025 and an operating margin of 23.9%.
Turnover has increased to £255.6m (2025 H1: £232.9m) and is primarily driven by rent increases of 2.7% and the transfer of engagements of SBHA into TGPL. Operating costs have increased to £206.0m (2025 H1: £184.5m) reflecting the integration of SBHA, and also reflecting some cost pressures around building safety, including additional costs of waking watch services at a limited number of schemes awaiting remediation works. Demand for responsive repair works in H1 has been within expectation, and we have reduced our work in progress and overdue levels on responsive repairs.
Net financing costs of £43.6m were incurred in the period (2025 H1: £36.4m), and 60% of our drawn debt is at fixed rates of interest (2025 H1: 71%).
For the half year, TGPL is reporting a total surplus of £17.6m (2025 H1: £18.1m).
Spend on our existing homes in H1 was £103.3m, and includes building safety related expenditure of £12.7m. Investment in our development programme in H1 was £95.7m, with 2,639 homes on site at 30 September 2025.
The sale of 114 shared ownership homes completed in the first half of the year, generating a deficit of £0.2m. Shared ownership staircasing has generated a surplus of £2.2m. We had 70 shared ownership and outright sale properties unsold at 30 September 2025.
The sale of 207 homes in the East of England to another Registered Provider completed in H1, generating cash receipts of £13.5m and a gain on book value of £5.0m.
During the year we have continued to deliver our comprehensive Building Safety Action Plan to ensure we meet our obligations under the Building Safety Act 2022. We have 64 buildings meeting the definition of Higher Risk Buildings (HRBs) under the Building Safety Act 2022. All of these have been assessed and some form of remediation work is required, and being planned, to eight of these.
We have undertaken external wall inspections on 93% of our 258 medium-rise buildings identified as requiring external wall investigations, with the remaining 18 scheduled to be investigated by December 2025.
Landlord health and safety compliance performance remains strong with 99.2% compliance on asbestos surveys, 99.9% on water safety assessments, 98.8% communal electrical testing, 98.6% on domestic electrical testing and 100% on lift servicing. At September 2025, two properties did not have an in-date gas safety certificate, and both have since been completed.
Credit and regulatory ratings
Our credit ratings with Standard & Poor's and Moody's are A- (negative) and A3 (stable) respectively.
On 18 December 2024, following a stability check, the Regulator of Social Housing confirmed our regulatory ratings were unchanged at G1 for Governance and V2 for Viability.
Contact details
Paul Love, Chief Financial Officer
paul.love@guinness.org.uk
www.guinnesspartnership.com/about-us/for-investors
Disclaimer
The information contained herein (the "Trading Update") has been prepared by The Guinness Partnership Limited ("TGPL") and is for information purposes only. The Trading Update should not be construed as an offer or solicitation to buy or sell any securities issued by TGPL or any of its subsidiaries ("the Group"), or any interest in any such securities, and nothing herein should be construed as a recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding possible or assumed future or other performance of the Group as a whole or any member of it, industry growth or other trend projections may constitute forward-looking statements and as such involve risks and uncertainties that may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Trading Update and neither TGPL nor any other member of the Group undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, occurrence of unanticipated events or otherwise.
None of TGPL, any member of the Group or anyone else is under any obligation to update or keep current the information contained in the Trading Update. The information in the Trading Update is subject to verification, does not purport to be comprehensive, is provided as at the date of the Trading Update and is subject to change without notice. Financial results quoted are unaudited. No reliance should be placed on the information or any projections, targets, estimates or forecasts and nothing in the Trading Update is or should be relied on as a promise or representation as to the future. No statement in the Trading Update is intended to be an estimate or forecast. No representation or warranty, express or implied, is given by or on behalf of TGPL, any other member of the Group or any of their respective directors, officers, employees, advisers, agents or any other persons as to the accuracy or validity of the information or opinions contained in the Trading Update (and whether any information has been omitted from the Trading Update). The Trading Update does not constitute a recommendation, nor is it legal, tax, accounting or investment advice.
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