REG - Hyde Group Hyde Hsg Assn.- 78AQ Hyde Hsg Assn.- 15AI - Annual Financial Report

Pinnacle West CapitalAnnouncement

29/09/2025 08:16

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RNS Number : 0541B  Hyde Group  29 September 2025

Press release: EMBARGOED UNTIL 7am 29 September 2025

29 September 2025

 

Hyde Group financial results - Year ending 31 March 2025

 

Hyde Group strengthens financial position during year of improved customer
outcomes and strategic growth

 

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

 

Hyde acquired Pinnacle Group on 31 October 2024 and now owns and/or manages
about 125,000 homes across the UK, and provides neighbourhood services to more
than 350,000 homes, making it 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 Hyde
was 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."

 

Highlights

·    Group turnover increased by 33% to £465.6m (2023/24: £350.9m) with
growth in Housing income and the acquisition of Pinnacle.

·    Group EBITDA increased by 11% to £159.4m (2023/24: £144.8m).

·    Housing: Operating surplus increased by 7% to £72.2m (2023/24:
£64.6m), and operating margin increased to 21.8% (2023/24: 21.1%), as we
continued to drive operational efficiencies.

·    Investment in homes increased by 17%, with £123.8m spent on
maintaining, repairing and improving homes (2023/24: £109.2m), with most
repairs completed in fewer than three days.

·    Investing in excellent customer service:

o  Overall customer satisfaction was 81.4% (2023/24: 77.6%) and satisfaction
with repairs was 85.6% (2023/24: 77.6%).

o  75% of calls to our Customer Service Centre were answered within 50
seconds (2023/24: 54%) and we dealt with 85% of enquiries in one call.

o We added 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 (2023/24: 630), and started 519 homes (2023/24: 823). We aim
to build more than 5,500 homes between 2025 and 2029; the vast majority
targeted at first time buyers, through shared ownership or social rent.

·    Institutional sales: We continued to build on our institutional
investor partnerships. M&G bought 131 shared ownership properties that
we'll manage on its behalf.

·    Pinnacle Group joined the Hyde Group on 31 October 2024. Pinnacle
provides nationwide services to 75,000 homes for central and local government,
institutional investors, social housing providers and major housebuilders.
Pinnacle contributed a turnover of £86.4m and an EBITDA of £5.5m in the five
months following acquisition.

·    Housing property assets: We increased our housing assets (based on
historical cost) to £3.53bn (2023/24: £3.34bn), while continuing to invest
in our homes and in building homes.

·    Debt and liquidity: Net debt remained below budget, increasing
marginally to £1.59bn (2023/24: £1.47bn), despite the acquisition of
Pinnacle and increased investment in existing homes and in building homes.
This is in line with our long term plans. We maintained further liquidity
headroom of £775m (2023/24: £848m) on our bank facilities.

·    Sustained low cost of debt and low gearing: We continued to maintain
a low weighted average cost of debt at 3.9% (2023/24: 3.9%), with 76% at fixed
interest rates, providing long term stability. Gearing remains low, at 38%
(2023/24: 44%), based on historical asset costs.

·    No Impairment charges: After a thorough asset review, no impairments
were required this year. 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 (2023/24: £9.6m) and we supported 23,458 (2023/24: 32,503)
people through Hyde Charitable Trust grants of £1.2m (2023/24: £1.3m).

·    People: We're proud to employ more than 5,000 colleagues across the
UK. Our strategy and culture of inclusive leadership, plus our support for
diverse teams. means we're stronger as an organisation and deliver better
outcomes for our customers. The median gender pay gap fell to 1.1% (2023/24:
1.8%).

 

Key metrics

 

                                2024/25   2023/24

 Group turnover                 £465.6m   £350.9m
 Group EBITDA                   £159.4m   £144.8m
 Adjusted operating surplus(1)  £121.1m   £117.0m
 Housing operating margin(1)    21.8%     21.1%
 EBITDA MRI(2)                  90.3%     80.7%
 Housing property assets        £3.53bn   £3.34bn
 Net debt                       £1.59bn   £1.47bn
 Available liquidity            £775m     £848m
 Overall customer satisfaction  81.4%     77.6%
 Homes completed                602       630
 Homes started                  519       823
 Colleague engagement           75%       78%

( )

(1) A full reconciliation from our core operating margin to statutory
operating margin can be found in our Annual Report at
www.hyde-housing.co.uk/annual-report-2024-25
(https://www.hyde-housing.co.uk/annual-report-2024-25)

(2) Per Regulator of Social Housing sector scorecard.

 

> Ends

 

 

Notes to Editors

 

For more information contact Max Soudain, Communications Officer, on
max.soudain@hyde-housing.co.uk (mailto:max.soudain@hyde-housing.co.uk)

 

About the Hyde Group

Hyde is a group led by a not-for-profit housing association, owning and/or
managing about 125,000 homes, making us one of the largest, and most diverse,
housing providers in the country. We provide neighbourhood services to more
than 350,000 homes across the UK, and proudly support armed forces families
with their housing needs. We also provide services to more than 160 schools,
colleges and universities, helping to create environments so people can
thrive.

 

We use our knowledge and expertise to provide homes and services for huge
range of people from all walks of life. We're proud of the diversity of the
communities we serve. We're there for thousands of people who need support,
from helping them to put down roots, to maintaining their independence in
retirement, or finding a safe space in the hardest of times. Through our
community spaces and partnerships with community organisations, we offer vital
support and places for fun, giving people the chance to come together and
stepping in where others no longer can.

 

We also provide tailored property and estates management, maintenance and
tenancy management services to our clients, which include local authorities,
other housing associations, schools, hospitals and government bodies. And we
support national and multinational businesses with landlord services,
facilities management (from cleaning to waste management, security and ground
maintenance) and operational support.

 

We've developed new funding mechanisms and partnerships to enable us to
continue to build the affordable homes the UK desperately needs. We partner
with local authorities, housebuilders and institutional investors, with a
focus on building affordable homes to deliver positive environmental and
social impact, as well as long term, sustainable returns for funders.

 

To find out more about the Hyde Group visit www.hyde-housing.co.uk

 

To find out more about the Hyde Group visit www.hyde-housing.co.uk
(http://www.hyde-housing.co.uk) .

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