Abri Group have published their Investors Report for the half year ended 30 September 2023, showing a continuation of positive performance from 2022/23.
Abri Group have published their Investors Report for the half year ended 30 September 2023, showing a continuation of positive performance from 2022/23. This comes at the same time as Abri retains its G1/V1 rating from the Regulator of Social Housing.
Abri’s underlying financial and operating performance remains strong, despite ongoing challenges of rising inflation and interest rates. The group’s turnover has increased by £6m year on year and stands at £139m for the half year. Operating surpluses and surpluses before tax have also improved notably over the same period in the year prior.
On the results, Caroline Moore, Abri’s Chief Financial Officer, said:
“I’m pleased to see our half-year performance and retained G1/V1 rating continues to reflect the positive results we reported for the 2022/2023 financial year. Our continued strength and resilience demonstrates the benefits of our integration and optimisation programme. These results will ensure we can continue to deliver on our priorities: investing in our existing homes, building new homes and supporting our customers with the cost of living.”
Both operating and net margins have shown significant improvement from the prior six months. The group continues to prioritise investment in stock, spending £32m across all categories of repairs and maintenance and seeing responsive repairs completed grow to over 65,000. A total of £90m was spent by the group across housing properties and properties developed for sale. Income from first tranche sales contributes £23m, and £80m has been invested into existing homes which close the half year at £2.3bn.
Cost of living pressures remain a significant issue for Abri’s customer base, reflected in arrears on social and affordable rent increasing from 2.2% to 2.8%. The group continues to provide dedicated tenancy sustainment support, community investment and a Hardship Fund.
In an encouraging start to the following half year period, and following the merger with Silva Homes, Abri were pleased to see their Moody’s credit rating change from ‘A3 – outlook negative’ to ‘A3 - outlook stable’ on 25 October, reflecting their commitment to deliver more homes to the highest standards and reinvest in existing properties.
The rating from Moody’s reflects Abri’s strong market position and solid liquidity. The stable outlook reflects the proactive actions taken by the business to mitigate the adverse effects of the weaker operating environment, thereby limiting development risk.