TIDM67VJ TIDM78AQ TIDM15AI
RNS Number : 5857L
Hyde Group
07 September 2023
Press release
STRICTLY EMBARGOED UNTIL 7am, 7 SEPTEMBER 2023
Hyde Group financial results 2022/23
Hyde's strong financial position continues to enable significant
investment in homes, communities and services, to ensure it can
build strong, sustainable future for its customers.
Highlights 2022/23
-- Operating surplus of GBP110.3m (2021/22: GBP110.7m);
operating margin of 30.3% (2021/22: 29.6%)
-- Core operating surplus(1) of GBP57.4m (2021/22: GBP81.7m);
core operating margin(1) of 20.2% (2021/22: 29.5%)
-- Net debt of GBP1,492m (2021/22: 1,427m) with available
liquidity of GBP873m (2021/22: GBP891m)
-- GBP65.9m spent replacing bathrooms, kitchens, windows and
doors, installing new roofs and carrying out cyclical decorations,
plus electrical and 'business as usual' building safety works
(2021/22: GBP55m)
-- Work started on building 2,105 homes (2021/22: 859) with 625 homes completed (2021/22: 456)
-- Secured GBP6m as part of the Greener Futures Partnership from
the Social Housing Decarbonisation Fund, which we will match fund
to significantly improve the energy-efficiency of 951 homes
-- GBP1.83m (2021/22: GBP1.65m) delivered in social value
through suppliers; GBP1.1m (2021/22: GBP1.1m) awarded by Hyde
Charitable Trust to customers and community organisations,
benefiting 9,701 people (2021/22: 8,043)
-- GBP6.7m spent on building safety improvements (2021/22:
GBP16.2m); GBP86.7m invested since 2017
-- Overall satisfaction with customer services of 78.7% (2021/22: 82%)
-- Investors in People Gold retained for the 11(th) year
-- The Regulator of Social Housing confirmed Hyde's G1/V2 rating
-- Strong credit ratings. Fitch: A+ (negative outlook) and S&P Global: A (negative outlook).
(1) Our core operating business excludes building safety costs,
development and joint venture sales, and disposal proceeds.
Rod Holdsworth, Hyde Group Chief Financial and Resources
Officer, commented: "Because of Hyde's strong financial position,
we were able to weather the severe economic and sector challenges
and continue to invest in our homes and communities, for the long
term benefit of our customers.
"For example, we invested GBP65.9m, 20% more than last year,
replacing bathrooms, kitchens, windows and doors, installing new
roofs and carrying out cyclical decorations, plus electrical and
'business as usual' building safety works."
Hyde also continued to invest in building affordable homes, with
625 completions and a further 2,105 homes started in 2022/23. With
continual improvement in the quality and energy efficiency of
homes, this will help to reduce future maintenance and energy
costs.
"While our overall operating surplus remained static, at
GBP110.3m (2021/22:GBP110.7m), we saw a managed reduction in core
operating margins [excluding building safety costs, development and
joint venture sales, and disposal proceeds] as we chose to absorb
the rent cap and higher inflationary costs, and continued our
investment in homes and services," Holdsworth added.
Hyde's net debt remained stable at GBP1,492m (2021/22:
GBP1,427m), with substantial undrawn liquidity headroom of GBP873m
(2021/22: GBP891m).
Andy Hulme, Hyde Group CEO , said: "As a charitable
organisation, we've listened to our customers and are working with
them to improve the services we provide.
"We started a major restructure of our operational teams last
year, to give us a more joined-up approach; piloted a new
neighbourhood operating model, so we focus on local issues; and
continued to invest in digital services, so customers can engage
through their chosen channel, when it suits them.
"It's also important that we continue to build more affordable
housing, so we're delighted to have started building more than
2,100 homes this year - more than double the number in 2021/22.
"Along with our strategic partnerships with Homes England and
the Greater London Authority, we're continuing to work with our
investor partners to build tens of thousands of new homes over the
next decade. These homes are much needed and also generate
surpluses that enable us to further improve our existing homes.
"We'll also be able to continue work to improve the
energy-efficiency of our homes, thanks to being part of the
successful GBP40.4m Social Housing Decarbonisation Fund bid by the
Greener Futures Partnership. We'll receive about GBP6m - which
we'll match fund - to improve 951 homes with better insulation and
low-carbon heating."
Mike Kirk, Hyde Group Chair, commented: "We're in a strong
position. The changes we've made will start to deliver real
improvements in service delivery for our customers. We believe our
approach to be the best way to enable us to build, maintain and
manage even more high quality, safe, sustainable - and importantly,
truly affordable - homes in thriving neighbourhoods in the coming
years."
You can read more about our 2022/23 results and performance, and
download the financial statements, on our website at
www.hyde-housing.co.uk.
Notes to Editors
For more information contact Max Soudain on: 07918 057774 or
max.soudain@hyde-housing.co.uk
About the Hyde Group
Hyde is a leading provider of affordable housing in London, the
south east of England and neighbouring areas. We're primarily a
group of 'not-for-profit' organisations, headed by Hyde Housing
Association, which was established in 1967. We provide about 44,000
homes for people who might not otherwise be able to afford one, as
well as providing them with easy-to-use landlord services.
We're committed to our social purpose, to becoming a truly
customer-driven organisation, providing great services and ensuring
our homes are safe, decent and energy-efficient.
To find out more about the Hyde Group visit
www.hyde-housing.co.uk .
www.hyde-housing.co.uk @hydehousing hydegroup the-hyde-group
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END
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