November 2024 sees the publication of Jigsaw Homes Group’s third half-year trading and performance update.
In entering this latest period, Jigsaw had previously demonstrated robust performance and resilience against the backdrop of a challenging economic and political landscape, alongside the much-documented cost of living crisis.
Even with this testing legacy, 2023/24 was a record year with the delivery of 929 new homes, giving significant opportunity for security and well-being to hundreds of families.
During the year, work continued to improve homes with c. £85 million spent on our ongoing maintenance programmes. Building safety remains a key focus in our asset management programmes. Around £6.3 million was invested by the Group in 2023/24 and we have committed future investment of c. £26.1 million into this area over the next five years.
Jigsaw Support’s portfolio of services which help the most vulnerable of residents expanded during 2023/24. Two out of six new supported housing schemes in Greater Manchester were among the new homes developed in 2023/24, with the remaining four schemes due for completion in 2025/26.
Some more key highlights:
- Jigsaw continues to maintain its g1/v1 regulatory rating and A2 (Moody’s) credit rating.
- 73% of performance KPIs in target at 30 September 2024.
- 397 new homes delivered in the six months, across all social housing tenures – the Group remains broadly on track to achieve its practical completion target of 831 new homes for 2024/25.
- As at 30 September 2024, the Group had 1,428 homes on site across 48 schemes, with 295 new units started in the six-month period.
- Operating surplus and surplus after taxation to 30 September 2024 improved on prior periods.
- £117 million of turnover for the six-month period with 92% derived from social housing lettings.
- £34 million of operating surplus – 29% of turnover and £18 million surplus after tax – 15% of turnover, generated in the first six months.
- EBITDA-MRI interest cover as of 30 September 2024 remains robust at 156%.
- Gearing as at 30 September 2024 was 48%.
- Liquidity of £321 million as of 30 September 2024, supplemented by £100 million of retained bonds.
Brian Moran, Group Chief Executive said: “Overall, I can report that the Group’s unaudited results as at 30 September 2024 are ahead of prior periods’ performance and broadly in-line with our expectations. As we move forward, our strategic focus on valuable partnerships and community engagement enables us to deliver more affordable homes, positioning us well for future growth.”
You can view and/or download the trading update for the period ending 30 September 2024, here>>
