The Guinness Partnership Limited Half Year Results
Summary by AI BETAClose X
Interim Financial Results for the 6 months ending 30 September 2026
The Guinness Partnership is pleased to report our results for the six months to 30 September 2026. These results are based on unaudited management accounts and operational performance reports.
Group Highlights
- Turnover of £263m (2025/26 H1: £262m).
- Investment in and maintenance of existing homes totalling £107m (2025/26 H1: £109m).
- Investment of £79m on new homes (2026 H1: £97m) with 45 homes completed, all of which are affordable homes, and 54 homes starting on site. At 30 September 2026, 2,438 homes are under construction.
- Additional loan facilities of £215m secured in H1.
- First Consumer Standard Grading from Regulator of Social Housing of C1 (with G1/V2 maintained).
- Credit rating of A-/negative from S&P Global and A3/stable from Moody’s.
Financial Indicators
|
Group Performance |
H1 2026/27 |
H1 2025/26 |
|
Turnover |
£263.1m |
£261.8m |
|
Operating Surplus |
£70.2m |
£61.4m |
|
Operating Margin (overall) |
26.7% |
23.5% |
|
Total Surplus |
£26.3m |
£17.8m |
|
Net Margin |
10.0% |
6.8% |
|
EBITDA-MRI Interest Cover |
110.3% |
98.7% |
|
Interest Cover |
197% |
189% |
|
Gearing |
46.3% |
45.2% |
|
Available Liquidity |
£870m |
£750m |
|
Cash and cash equivalents |
£56.7m |
£48.0m |
Turnover increased by £1.3m (0.5%) compared with prior year H1. Whilst income from social and affordable lets increased by £12.1m (5.7%), reflecting sector rent increases and additional homes in management, activity on first tranche shared ownership fell by £8.5m, and gains from the sale of properties reduced by £3.8m.
Operating surplus, at £70.2m, increased by £9.8m compared with the prior year reporting period, and reflects the profiling of planned maintenance expenditure in 2026/27. Operating margin improved to 26.7% (2026: 23.5%).
Total surplus was £26.3m (2025/26 H1: £17.8m), reflecting the improvements in operating surplus. Net financing costs remained broadly stable at £44.1m (2026: £43.8m).
The Group invested £106.8m on maintaining and improving existing homes and a further £78.8m on developing new homes. Development activity is lower than expected in H1 due to slippage across a number of schemes.
In an operating environment that remains challenging, Guinness continues to focus on providing safe, warm and decent homes to people who need them, delivering good services and being a robust business. Guinness remains financially resilient, with strong liquidity, and capacity to invest in homes and services and communities, albeit there continue to be competing demands on resources.
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