Hyde Group Annual Report and Financial Statements

Hyde Group

29 September 2026

 

Press release: 29 September 2026

The Hyde Group reports record year for growth while remaining focussed on putting customers first

The Hyde Group maintained its strong financial position in 2025/26, with improved customer outcomes, new partnerships and continued strategic growth.

Group revenue increased by £410.2m to £992.3m and turnover grew to £634.9m in the first full year of trading since Pinnacle Group and Tower Hamlets Community Housing (THCH) joined Hyde.

The addition of Pinnacle, THCH, and a number of new contracts means we now own and/or manage around 130,000 homes (an increase of nearly 12,000 since 2024/25) and provide neighbourhood services to around 350,000 people.

Growth was achieved in all divisions, with the Group returning to a positive EBITDAMRI. This has allowed for continued record investment in the homes we own and communities we serve. We also saw continued improvements in operational performance, with a focus on repairs and major works. Together, this resulted in improved customer outcomes.

The Group returned an operating surplus of £70.6m net of the strategic growth decisions we've made in new partnerships, and in welcoming THCH and Pinnacle Investments to the Group. Our core social housing activities delivered an increased operating surplus and margin of £83m and 22.3% respectively.

Pinnacle is fully embedded and continues to perform well as part of our end-to-end offering. This year, Pinnacle took on more homes for L&G Affordable Homes and other for-profit registered providers; won its first housing management contract with Manchester City Council; and added three more local authorities to its portfolio. All of Pinnacle's surplus is gifted back to the Group, so that it can be reinvested in the homes we own and communities we serve.

Andy Hulme, Group Chief Executive Officer of the Hyde Group, said: "Colleagues across the group have worked hard to deliver another year of improved outcomes for the customers and communities we serve. Our core social housing activities have performed well, with record investment and more than 200,000 repairs delivered, most in less than two days.

"We now operate in all London boroughs and provide services in more than 300 local authority areas across the UK. This has been helped by Pinnacle, which has continued to grow since it became part of Hyde in 2024."

THCH joined Hyde on 1 April 2025, with the integration completing in September 2025. As a result, THCH customers are now enjoying faster, more reliable and better value services. We'll be investing more than £60m over the next few years to improve their homes and communities.

We were pleased the Regulator of Social Housing affirmed our G1 and V2 ratings, and gave us the highest C1 consumer rating, following our first assessment against the new standard in early 2026.

Andy said: "Our C1 rating shows we've remained absolutely focused on putting our customers first, providing safe, decent and affordable homes, and serving communities people can be proud of, during this period of growth."

Building more homes with institutional investors

We continue to deliver new homes targeted at social rent and first-time buyers (typically through shared ownership) with 1,142 homes handed over last year, 984 of which were affordable. We also started construction of 666 homes.

In March 2026, we announced a 50/50 partnership with Legal & General, launching with a portfolio of more than 1,000 social rented and shared ownership homes, with the ambition of further significant joint investment.

Putting customers first and staying true to our social purpose

Mike Kirk, Chair of the Hyde Group, said: "It's been another great year, and I'm pleased we've continued to focus on our customers - both new and existing - during this time of growth. Customer satisfaction increased to 83.5% as we continued to invest in their homes and services. Last year we spent more than £130m maintaining, repairing and improving homes."

Andy added: "By 2030, we want to be the best, and most diverse, housing, property and community services provider in the UK. Our vertically integrated offer spans housing investment, development, landlord services, community services and property management at scale across the country.

"There's still much that we want to achieve. There are exciting opportunities within our communities, and the breadth of our customer and client offer gives us confidence for the next phase of our plans. We're far from complacent, and we will continue to strive to deliver better outcomes for our customers, communities and clients."

Highlights

·    Group revenue of £992.3m (2024/25: £573.7m), through growing our core social housing business and improving operational performance.

·    Group turnover of £634.9m (2024/25: £465.6m) with growth from a full year of trading from the Pinnacle and THCH acquisitions.

·    Hyde Housing: Operating surplus increased to £83.1m (2024/25: £72.2m), and operating margin increased to 22.3% (2024/25: 21.8%), as we continued to drive operational efficiencies.

·    Investment in homes: We invested £134.2m on maintaining, repairing and improving homes (2024/25: £123.8m).

·    Investing in excellent customer service: Overall customer satisfaction was 83.5% (2024/25: 81.4%) and satisfaction with repairs was 84.6% (2024/25: 85.6%).

·    Building more affordable homes: We handed over 1,142 homes, 984 of which were affordable (2024/25: 602), and started 666 homes (2024/25: 519).

·    Institutional partnerships:

o Launched our 50/50 partnership with L&G with a portfolio of more than 1,000 social rented and shared ownership homes.

o We continued to build on our partnership with M&G which bought 211 shared ownership properties that we'll manage on its behalf.

·    Housing property assets: Housing assets (based on historical cost) increased to £3.52bn (2024/25: £3.53bn), investing in, and building, homes.

·    Debt and liquidity: Net debt reduced to £1.52bn (2024/25: £1.57bn). We increased our liquidity of £954m (2024/25: £775m) on our bank facilities.

·    Sustained low cost of debt and low gearing: We continued to maintain a low weighted average cost of debt at 3.9% (2024/25: 3.9%), with 80% at fixed interest rates, providing long term stability. Gearing remains low, at 44.1% (2024/25: 45.0%), based on historical asset costs.

·    Supporting communities: Our supply chain partners delivered £14.8m in social value (2024/25: £27.5m) and we supported 28,674 people (2024/25: 23,458) through Hyde Charitable Trust grants of £0.97m (2024/25: £1.2m).

·    People: We employ around 5,500 colleagues. Our strategy and culture of inclusive leadership and diverse teams, means we deliver better outcomes for customers. The median gender pay gap was 2.9% (2024/25: 1.1%).

Key metrics

	2025/26 Forecast	2024/25
Group turnover	£634.9m	£465.6m
Group revenue	£992.3m	£582.1m
Adjusted Group EBITDA	£152.7m	£159.4m
Housing operating surplus1	£83.0m	£72.2m
Housing operating margin1	22.3%	21.8%
EBITDA MRI2	99.6%	90.3%
Housing property assets	£3.52bn	£3.53bn
Net debt	£1.52bn	£1.57bn
Available liquidity	£954m	£775m
Overall customer satisfaction	83.5%	81.4%
Homes completed	1,142	602
Homes started	666	519
Colleague engagement	75%	75%

¹ A full reconciliation from our core operating margin to statutory operating margin can be found in our Annual Report on our website.

² Per Regulator of Social Housing sector scorecard.

> Ends

Notes to Editors

For more information contact Max Soudain: [e-mail]

About the Hyde Group

Hyde is a group led by a not-for-profit housing association, owning and/or managing about 130,000 homes, making us one of the largest, and most diverse, housing providers in the country. We provide neighbourhood services to more than 350,000 homes across the UK, and proudly support armed forces families with their housing needs. We also provide services to more than 160 schools, colleges and universities, helping to create environments so people can thrive.

We use our knowledge and expertise to provide homes and services for huge range of people from all walks of life. We're proud of the diversity of the communities we serve. We're there for thousands of people who need support, from helping them to put down roots, to maintaining their independence in retirement, or finding a safe space in the hardest of times. Through our community spaces and partnerships with community organisations, we offer vital support and places for fun, giving people the chance to come together and stepping in where others no longer can.

We also provide tailored property and estates management, maintenance and tenancy management services to our clients, which include local authorities, other housing associations, schools, hospitals and government bodies. And we support national and multinational businesses with landlord services, facilities management (from cleaning to waste management, security and ground maintenance) and operational support.

We've developed new funding mechanisms and partnerships to enable us to continue to build the affordable homes the UK desperately needs. We partner with local authorities, housebuilders and institutional investors, with a focus on building affordable homes to deliver positive environmental and social impact, as well as long term, sustainable returns for funders.

To find out more about the Hyde Group visit www.hyde-housing.co.uk

To find out more about the Hyde Group visit www.hyde-housing.co.uk.

  www.hyde-housing.co.uk      hydegroup      the-hyde-group

 

END