Moat Homes Limited
20 August 2024
Moat
Homes Annual Report and Financial Statements
2023/24
Moat Homes Limited
Moat Homes Finance
Plc
£300,000,000 5% Secured Bonds due
2041
Dated 16 August 2024
Moat today announces its
consolidated audited financial results for 2023/24, highlighting
the highest growth of homes under management achieved and increased
investment in both existing and new homes, despite a challenging
environment.
Moat reported a turnover of £154m
(2022/23: £160m). The core social housing lettings turnover grew by
£12.6m, 10.3% increase; while turnover from open market sales
reduced to £2m (2022/23: £18m) as all completed market sales homes
were sold. There are no planned market sales until 2026. The
operating surplus from social housing lettings lowered to £37m
(2022/23: £42m), largely due to higher spending on
repairs driven by increased volume and costs, as well as investment
in skills and capacity. Lower staircasing activity from existing
shared owners and higher interest costs resulted in a total
surplus of £21m (2022/23: £46m). Moat has
an A2 stable rating from Moody's.
2023/24 was significant year of
investment for Moat. We invested £51m (2023: £31m) in existing
homes through repairs, maintenance, and replacements, alongside
£159m (2023: £82m) in building new homes and acquiring 603 homes
from another RP.
A total of 354 new homes (2022/23:
459) were completed - 352 of which were for rented (67%) and
low-cost home ownership (32%). We have 1,704 (2022/23: 1,938) new
homes in the pipeline.
Moat's Annual Report and Financial
Statements 2023/24 are available at https://www.moat.co.uk/about-us/investor-information
Notes
Moat is a leading housing
association in the South East of England. We manage over
22,700 affordable homes in communities throughout the South East of
England. Driving our work is our purpose - to open doors to better
lives.
We are passionate about making a
difference - the homes we build enable people to build their lives,
put down roots and thrive in their communities.
We aim to be a partner of choice,
building strong vital relationships
with local authorities and other stakeholders so that we can
provide the homes and services that best meet local
needs.
For further information please
contact:
Gloria Yang
Executive Director of
Finance
Gloria.yang@moat.co.uk
