- The addition of Silva Homes to the Group on 2 October 2023 contributed to an exceptional surplus of £528 million
- £100 million invested into existing homes
- £189 million invested into developing new homes
- More than £90,000 invested into local communities
Abri Group’s turnover has risen to £302 million in its latest financial results, with turnover from social tenures contributing 81 per cent of the total.
The large housing provider, which owns and manages more than 50,000 homes and serves 114,000 customers across the South, recorded an operating surplus of £99 million, with the addition of Silva Homes in 2023 contributing to an exceptional surplus before tax of £520 million*.
Turnover from social tenures increased by £43 million to £244 million, while income from rentals increased by £44 million, with property sales reducing by £4 million.
The group continued to make strong progress against its priorities and long-term goals, including the delivery of 678** new homes in the period, as part of a long-term commitment to create 10,000 new homes by 2030. Silva delivered an additional 80 in the period before they joined Abri. A total of £189 million was invested into developing new homes.
Investment into existing housing stock rose to record levels at £100 million, including £5 million in building and fire safety provision, £4 million to make homes more energy efficient, and £1 million in tackling the root causes of damp and mould. More than £90,000 has been invested into local communities via Abri’s Community Funding Panel, ranging from local foodbanks to summer events for children and community garden space to food-based initiatives.
Operating surpluses have increased from £74 million to £99 million, supported by property sales activity, with operating margins improving from 28 per cent to 33 per cent in the process. The group’s EBITDA MRI increased by 6 per cent, from 141.8 per cent in 2022/23 to 150.4 per cent in 2023/24.
Commenting on the results, Gary Orr, Group Chief Executive of Abri, said:
“Against strong economic headwinds, Abri delivered an excellent operating performance this year. Our financial performance, and in particular our exceptional surplus before tax, reflects the addition of Silva Homes to the group.
“The results reflect the progress we are making against our key priorities; building more new homes, improving our existing homes and services, and creating a resilient organisation. Looking ahead, our focus remains on creating quality, sustainable communities where our customers can thrive.”
The results can be downloaded in full here.
*The group result includes a gift of £464 million, being the fair value of Silva Homes net assets at the acquisition date. The result includes £2 million of unwinding of the gift in the form of additional depreciation and interest costs for the six-month period post-acquisition.
** Our statutory accounts include 678 units developed in the year, with Group members being involved in the delivery of 900 units in total. Our statutory accounts exclude 80 units delivered by Silva Homes prior to them becoming part of the Group on 2 October 2023, as required by acquisition accounting and 142 market sale units at our development joint ventures.