Abri Group turnover rises to £375 million with record investment into existing homes.
Highlights:
- Exceptional surplus of £464 million following addition of Octavia Housing in the Group
- £130 million invested into existing homes
- £261 million invested into developing new homes
- £10.5 million generated in social value
Abri group has published its annual financial statements for 2024-2025, announcing an increased turnover of £375 million. Turnover has increased by £75 million year on year with income from rent increasing by £64 million and property sales by £8 million.
The group owns and manages more than 58,000 homes and assets, serving 113,000 customers across the south of England and west London. The large housing provider recorded an operating surplus of £110 million, with the addition of Octavia Housing in December 2024 contributing to an exceptional surplus of £464 million.
The group continues to make strong progress with its corporate objectives. 788 new homes were delivered in 24-25 and work began on Abri’s largest regeneration scheme in Windsor. This year the group reached the mid-way point of its ten-year development programme and is on track to achieve its original target of 10,000 homes by 2030.
For another year Abri invested a record amount into its existing homes, totalling £130 million (2024: £100 million). This investment included £4.6 million into building and fire safety, £2.9 million into making homes more energy efficient and £2.6 million into tackling the root cause of damp and mould. The Group also saw £10.5 million generated in social value and £7.7 million in additional community benefits for customers.
Drawing on its scale and standing, Abri brought Octavia Housing in the group as a subsidiary on 18 December 2024. The investment made into Octavia’s financial and operational recovery has been reflected in the group’s short term financial performance. Despite this, Abri’s underlying performance and long-term forecasting remains strong.
Gary Orr, Abri Group Chief Executive said:
“Abri continues to report strong performance with increased turnover year on year. Our results demonstrate our continued financial strength and resilience and as such have enabled us to bring Octavia Housing into the group to stabilise their financial position and improve their services.
“Committed to protecting Octavia Hill’s legacy and the fundamental purpose of social housing, we’re proud to have once again increased our investment into Abri’s existing homes this year, deliver more affordable housing and support our communities to thrive, whilst supporting an organisation in need.
“Our rescue and recovery of Octavia Housing has understandably been reflected in this year’s financial performance, but we remain highly robust and able to continue our longer-term pursuit of quality homes and services for our residents and customers.”
Abri’s operational surpluses have reduced from £99 million to £87 million, impacted by some one-off costs such as the £7m cessation of a legacy LGPS pension scheme and the investment in Octavia’s recovery. Net interest costs have increased by £13 million as a result of additional borrowing in the year and the Octavia portfolio coming into the group.
The exceptional surplus before tax of £464 million includes a “gift” of £437 million, the fair value of Octavia’s net assets at the acquisition date.
The full financial statements can be found here.