REG - Peabody Trust. Peabody Capital PLC Peabody Capital No 2 TCHG Capital plc Catalyst Housing Ltd - Annual Financial Report

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RNS Number : 5761Z  Peabody Trust.  17 September 2025

Annual Report for the year ended March 2025

Peabody Group (incorporating Peabody Trust, Peabody Capital PLC, Peabody
Capital No.2 PLC and TCHG Capital PLC).

Peabody has today published its Annual Report for the year ended 31 March 2025
(https://www.peabodygroup.org.uk/group-annual-report-2025/) alongside its
Residents Review and Resident Engagement Impact Report. The annual reports
have also been published for Peabody Capital PLC and Peabody Capital No.2 PLC.

Ian McDermott, Peabody Chief Executive, said: "Despite multiple challenges,
including one of the most difficult financial climates for many years, we've
continued to put residents at the heart of everything we do and focus on
putting the right foundations in place to improve services.

"Our top priority this year has remained safety and looking after residents'
homes - reflected in our spend of £431m on homes, including £200m on repairs
and routine maintenance and a further £231m on improvements. We're continuing
to invest in local communities, providing the support and services people need
in their neighbourhood through our Peabody Community Foundation.

"Our rents are low at £147 a week on average - £59m below the government's
target social rent and around a third of what someone would pay in the private
rental sector. We're having to spread that income across an ever-increasing
range of demands, including retrofitting homes to improve energy efficiency
and wide-ranging regulatory changes. We are financially stable and resilient,
but competing challenges alongside constrained income inevitably puts pressure
on our capacity to invest.

"As a result, our financial performance remains under pressure and below the
level that we want, but we expect to see a strengthening of this over the next
three years. Meanwhile, we continue to focus on the things that matter most to
residents and are working hard to manage financial and environmental risk, so
we're well prepared for the future."

Peter Baffoe, Peabody resident, Chair of the Resident Experience Committee and
Vice-Chair of the Peabody Board said "The past year has been about managing
challenges and listening, learning, and making changes to improve homes and
services for residents. I'm confident that the organisation is heading in the
right direction, with the new local focus making a positive impact.

 

"Last year, Peabody teams hosted over 270 engagement and listening events and
influencing sessions attended by more than 2,250 residents directly.

 

"Going forward, I know the Board and Executive are committed to making sure
that residents' voices are heard and acted on and that they influence
operational and policy decisions throughout Peabody."

 

Finances
Despite the challenging operating environment, we had an overall turnover of
£1.03bn (2024: £989m) and an operating surplus of £220m (2024: £244m).
This was used to cover essential costs and financial obligations, with the
remainder reinvested directly into residents' homes and services.

Our rents remain significantly below the private rental market, with an annual
rent subsidy of £1.1bn.

Investing to improve
Our focus has been on maintaining and improving residents' homes and putting
the right foundations in place to deliver better services to residents.

As well as spending £431m on residents' homes, we aligned routine maintenance
and repairs with home and energy-efficiency improvements to ensure value for
money. We also consulted with residents to help shape our new local repairs
service and improve the way we communicate.

The number of residents' homes with an Energy Performance Certificate rating
of EPC C or above rose to 81.7 percent (2024: 78 percent) and the average
Standard Assessment Procedure (SAP) rating was 74.52 (2024: 73.71).

Overall satisfaction amongst residents who rent their home rose to 58.7
percent (2024: 57.7 percent), while satisfaction with repairs climbed to 64.1
percent (2024: 62.6 percent).

Supporting residents
We invested £9m in local communities through our Peabody Community
Foundation, supporting projects and activities attended by 30,000 people, and
helping provide 65,000 hours of free sessions on everything from wellbeing
workshops to English lessons.

Our Financial Inclusion team received 4,500 referrals for support and helped
residents' increase their income by a combined £3.5m.

New homes
We spent £336m building 1,010 new homes (2024: 1,381), of which 626 were for
social or affordable rent.

Summer 2025
This summer we published our new Group Strategy
(https://issuu.com/peabody_communications/docs/peabody_group_strategy_2025-28)
which sets out our plan for the next three years and is focused on continued
improvement across our c.140 neighbourhoods.

We also appointed a new resident Board member to help ensure the Board is
connected to the real experience of residents and that their voice is heard at
the highest levels. We now have three residents on the Board.

 

Contact: Anthony Marriott, Director of Treasury & Corporate Finance, or
Ben Blades, Assistant Director Corporate Affairs.

 

 

 

 

 

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