Annual Financial Report

Hyde Group

29 September 2025

 

Press release: EMBARGOED UNTIL 7am 29 September 2025

29 September 2025

Hyde Group financial results - Year ending 31 March 2025

Hyde Group strengthens financial position during year of improved customer outcomes and strategic growth

Hyde's continued operational efficiencies and strong financial discipline delivered more value for money and better services for customers, during a year of transformational growth through the strategic acquisition of Pinnacle Group.

Hyde acquired Pinnacle Group on 31 October 2024 and now owns and/or manages about 125,000 homes across the UK, and provides neighbourhood services to more than 350,000 homes, making it one of the largest, and most diverse, housing, property and community service providers in the UK.

The Pinnacle acquisition followed the announcement in August 2024 that Hyde was in talks to welcome Tower Hamlets Community Housing (THCH) to the group, adding a further 3,200 homes to the Group's portfolio. This partnership completed on 1 April 2025, with the integration now successfully completed.

Andy Hulme, Group Chief Executive Officer of the Hyde Group, said: "As a group led by a not-for-profit registered provider, we're a local social landlord at heart, putting customers first, providing safe, decent and affordable homes, and serving communities people can be proud of. We also use our expertise in property investment and residential development to create places and partnerships that benefit everyone.

"Our strategy is working, with the quality and efficiency of our homes improving and our customers feeling the difference, with satisfaction across all measures increasing year-on-year, as we improve outcomes for the communities we serve."

"Our acquisition of Pinnacle, as well as bringing THCH into the group, gives us a unique platform to work with residential customers, partners, investors and commercial clients in all four nations of the UK. Our end-to-end offering now includes landlord services, property and estates management, maintenance and tenancy management, facilities management and operational support. Our offering is unique; our partners can take comfort that every penny of surplus is invested back into the communities we serve."

Rod Holdsworth, Hyde's Chief Financial and Resources Officer, said: "We're making strong progress in delivering our long-term plans, despite the challenges the sector faces. As well as welcoming Pinnacle and THCH to the group, our prudent financial discipline, combined with continued efficiencies, meant we could invest more in our homes and customer services this year.

"We're also continuing to partner with local authorities, housebuilders and institutional investors to build more homes and deliver positive environmental and social impact, as well as long term, sustainable returns for funders."

Mike Kirk, Chair of the Hyde Group, said: "The Board is pleased we've had another strong year, which has included investing in our homes and communities, spending more time in our neighbourhoods and responding to local needs.

"We've also continued to help community organisations grow and maintain vital services, such as food banks, mental health services and youth support, to give people living in our communities better life chances."

Highlights

·    Group turnover increased by 33% to £465.6m (2023/24: £350.9m) with growth in Housing income and the acquisition of Pinnacle.

·    Group EBITDA increased by 11% to £159.4m (2023/24: £144.8m).

·    Housing: Operating surplus increased by 7% to £72.2m (2023/24: £64.6m), and operating margin increased to 21.8% (2023/24: 21.1%), as we continued to drive operational efficiencies.

·    Investment in homes increased by 17%, with £123.8m spent on maintaining, repairing and improving homes (2023/24: £109.2m), with most repairs completed in fewer than three days.

·    Investing in excellent customer service:

o  Overall customer satisfaction was 81.4% (2023/24: 77.6%) and satisfaction with repairs was 85.6% (2023/24: 77.6%).

o  75% of calls to our Customer Service Centre were answered within 50 seconds (2023/24: 54%) and we dealt with 85% of enquiries in one call.

o We added more services to MyAccount, our online customer portal, making it easier for customers to self-serve, at a time and in a place that suits them. Customers can pay rent and service charges and book repairs; plus they can report communal repairs, complaints, antisocial behaviour, and damp and mould issues.

·    Building more affordable homes: We completed 602 homes, 553 of which were affordable (2023/24: 630), and started 519 homes (2023/24: 823). We aim to build more than 5,500 homes between 2025 and 2029; the vast majority targeted at first time buyers, through shared ownership or social rent.

·    Institutional sales: We continued to build on our institutional investor partnerships. M&G bought 131 shared ownership properties that we'll manage on its behalf.

·    Pinnacle Group joined the Hyde Group on 31 October 2024. Pinnacle provides nationwide services to 75,000 homes for central and local government, institutional investors, social housing providers and major housebuilders. Pinnacle contributed a turnover of £86.4m and an EBITDA of £5.5m in the five months following acquisition.

·    Housing property assets: We increased our housing assets (based on historical cost) to £3.53bn (2023/24: £3.34bn), while continuing to invest in our homes and in building homes.

·    Debt and liquidity: Net debt remained below budget, increasing marginally to £1.59bn (2023/24: £1.47bn), despite the acquisition of Pinnacle and increased investment in existing homes and in building homes. This is in line with our long term plans. We maintained further liquidity headroom of £775m (2023/24: £848m) 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% (2023/24: 3.9%), with 76% at fixed interest rates, providing long term stability. Gearing remains low, at 38% (2023/24: 44%), based on historical asset costs.

·    No Impairment charges: After a thorough asset review, no impairments were required this year. We recognised a positive £4.1m impairment reversal from previous years, following the sale of a non-core asset.

·    Supporting communities: Our supply chain partners delivered £27.5m in social value (2023/24: £9.6m) and we supported 23,458 (2023/24: 32,503) people through Hyde Charitable Trust grants of £1.2m (2023/24: £1.3m).

·    People: We're proud to employ more than 5,000 colleagues across the UK. Our strategy and culture of inclusive leadership, plus our support for diverse teams. means we're stronger as an organisation and deliver better outcomes for our customers. The median gender pay gap fell to 1.1% (2023/24: 1.8%).

Key metrics

	2024/25	2023/24
Group turnover	£465.6m	£350.9m
Group EBITDA	£159.4m	£144.8m
Adjusted operating surplus1	£121.1m	£117.0m
Housing operating margin1	21.8%	21.1%
EBITDA MRI2	90.3%	80.7%
Housing property assets	£3.53bn	£3.34bn
Net debt	£1.59bn	£1.47bn
Available liquidity	£775m	£848m
Overall customer satisfaction	81.4%	77.6%
Homes completed	602	630
Homes started	519	823
Colleague engagement	75%	78%

¹ A full reconciliation from our core operating margin to statutory operating margin can be found in our Annual Report at www.hyde-housing.co.uk/annual-report-2024-25

² Per Regulator of Social Housing sector scorecard.

> Ends

Notes to Editors

For more information contact Max Soudain, Communications Officer, on [e-mail]

About the Hyde Group

Hyde is a group led by a not-for-profit housing association, owning and/or managing about 125,000 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