Abri is pleased to report positive financial and operational performance for the 2022/23 financial year as it publishes its unaudited results for the year ended 31 March 2023.
As one of the south’s largest housing associations, Abri reports an increased turnover of £264m and an operating surplus of £74m, both an increase on the previous financial year. This includes an increased net margin of 16.7% as a result of improved performances with joint ventures and a reduction in net finance costs.
In 2022/23, Abri made its largest ever investment into its existing stock; working to retrofit homes to reach a minimum of EPC band C, continue fire safety works and tackle issues like damp and mould. Over the next ten years Abri is investing £485m to maintain the quality of its existing homes. Additionally, Abri delivered 1,017 new homes, a record number for the group as it works to provide more much needed affordable housing.
Abri’s focus continues to be on supporting its customers with the cost of living. In the last year, Abri secured £3.4m in additional benefits for its customers, supported 576 into employment, expanded its Tenancy Support Services, launched a cost of living hub, and helped fund initiatives in the local community. You can find out more about this in Abri’s 2022/23 Customer Annual Report.
On Abri’s performance, Chief Financial Officer, Caroline Moore said:
“With a challenging operating environment, I’m delighted with Abri’s performance, we remain a strong and resilient organisation. This puts us in a great position to continue delivering our corporate objectives. Our customers continue to face the pressure of the cost of living, over the next financial year our priority remains on supporting our customers to sustain their tenancy, investing in our existing homes and building more affordable housing.”
As well as stock investment and homes built, in the last financial year Abri has also retained its G1/V1 rating, A3 credit rating and doubled its social value generated to £10m, and become a three-start Best Companies employer.