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
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