Hyde Group financial results – Year ending 31 March 2025

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

We acquired Pinnacle Group on 31 October 2024 and we now own and/or manage about 125,000 homes across the UK, and provide neighbourhood services to more than 350,000 homes, making us 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 we were 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.”

Financial results

¹ A full reconciliation from our core operating margin to statutory operating margin can be found in our Annual Report.

² Per Regulator of Social Housing sector scorecard.

Highlights

• Investing £123.8m maintaining, repairing and improving homes: most repairs were completed in fewer than three days.
• Investing in excellent customer service:
• Overall customer satisfaction was 81.4% and satisfaction with repairs was 85.6%
• 75% of calls to our Customer Service Centre were answered within 50 seconds; we dealt with 85% of enquiries in one call
• Adding 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, and started 519. We aim to build more than 5,500 homes between 2025 and 2029; most targeted at first time buyers, through shared ownership or social rent.
• Continuing to build on our institutional investor partnerships: M&G bought 131 shared ownership properties we’ll manage on its behalf.
• Growing, with Pinnacle joining Hyde: Pinnacle provides nationwide services to 75,000 homes for government, institutional investors, social housing providers and housebuilders. It contributed a turnover of £86.4m and an EBITDA of £5.5m in the five months following acquisition.
• Debt and liquidity: Net debt was below budget at £1.59bn, in line with our long term plans, despite the Pinnacle acquisition, increased investment in homes and in building homes. We maintained further liquidity headroom of £775m on our bank facilities.
• Maintaining a low cost of debt and low gearing: Weighted average cost of debt was 3.9%, with 76% at fixed interest rates, providing long term stability. Gearing remained low, at 38%, based on historical asset costs.
• No Impairment charges this year, as 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 and we supported 23,458 people through Hyde Charitable Trust grants of £1.2m.
• People: We employ more than 5,000 colleagues across the UK. Our culture of inclusive leadership, plus our support for diverse teams, means we’re a stronger organisation and deliver better customer outcomes. Our median gender pay gap was 1.1%.

Download a copy of our Annual Report and Financial Statements 2024/25.