Our financial performance

We delivered better services to our customers during a year of continued growth, thanks to our operational efficiencies and strong financial discipline.

We increased both our revenue and our turnover by growing our core social housing business and improving operational performance, which has improved customer outcomes.

This is the first full year that Pinnacle Group has been included in our accounts. Tower Hamlets Community Housing formally joined the Group on 1 April 2025.

Highlights

  • £992.3m Group revenue (2024/25: £573.7m)
  • £634.9m Group turnover (2024/25: £465.6m)
  • £83.1m Hyde Housing operating surplus (2024/25: £72.2m).
  • Hyde Housing

    The financial performance of Hyde Housing improved, with an increased margin of 22.3% (2024/25: 21.8%) and a surplus of £81.0m (2024/25: £72.2m).

    Our margin improvement was achieved against a background of ongoing inflationary and regulatory demands on our cost base.

  • Pinnacle Group

    Pinnacle Group contributed £214m to our turnover which is an increase of £128m from 2024/25, as Pinnacle’s full year’s accounts are included for the first time.

  • Building homes and investing in customers' homes

    We spent £213.7m (2024/25: £281.2m) on building homes and maintaining them in 2025/26. We received £66.3m (2024/25: £128.2m) from the government, which allowed us to deliver 1,142 homes (2024/25: 602) and to start construction of 666 more (2024/25: 519).

    We also spent a further £7.1m (2024/25: £4.6m) on other fixed asset investments, including our digital platforms, which enable us to deliver
    better customer services. We continue to use our reserves to reinvest in our homes and services, and to meet the ambitions of our 2050 Strategic Plan.

  • Our credit ratings

    Our strong financial position is reflected in our credit ratings: Fitch has given us an A Rating with a stable outlook and, in November 2025, S&P Global affirmed our A- rating and improved our outlook from negative to stable, citing our “controlled” management of the acquisition of Pinnacle Group, and the integration of Tower Hamlets Community Housing, over the past year.