Investor updates

Financial performance

The unaudited management accounts for the year ending 31 March 2024 show a turnover of £411.3 million (£423.6 million FY23), and an operating surplus of £65.4 million (£79.4 million FY23).   EBITDA at £149 million (£144 million FY23) showed a strong underlying performance against a challenging economic climate. We remain committed to delivering for our customers and supported them through the initial impact of the cost-of-living crisis with a below inflation 3.9% rent increase for FY23 and invested £82.8m in our existing properties, maintaining their homes and improving on energy efficiency.  Net new build investment, excluding Scottish Government grant, of £66.0m supported our continued delivery of new homes across our communities.

Group net assets at 31 March 2024 totalled £1,230.7m.

These results are reported prior to the year-end accounting adjustments to reflect the annual property and pension scheme valuations.

Liquidity remained strong with cash and committed undrawn facilities totalling £266.2 million at year-end.

Operational Performance 

We completed our first tenant satisfaction survey post-pandemic with an 88.1% overall satisfaction rating from our RSL customers (against a Scottish average of 86.7%).

Rent arrears reduced ending the year at 5.38% (5.44% for FY23) against the challenging economic environment for our customers and an increasing number being migrated onto Universal Credit.

We delivered 348 new affordable homes this year (644 FY23) with 227 for social rent and 121 for mid-market rent and were named Inside Housing’s biggest developer of social rent homes in the UK over the past 10 years in April 2024.

Our development pipeline remains robust with 1,303 homes approved and on site. We do not undertake build-for-sale activity and have no plans to develop shared equity or shared ownership homes.

We continue to exceed our target of providing 10,000 secure tenancies over our 2021-26 strategy period to people and families previously experiencing homelessness. 2,160 lets were made during FY24, with a 90.8% sustainment rate, helping us make a significant impact across our communities.

Wheatley’s RSLs remain compliant with the Scottish Social Housing Regulator’s regulatory framework.

Sustainability & impact 

91.6% of our homes are rated EPC Band C or above with all new build homes required to meet EPC Band B or above at completion.  We have now delivered Connected Response smart heating controls across 7000 homes in Glasgow, reducing customer bills and improving energy efficiency.

The Wheatley Foundation supported over 17,000 households over FY24 with 988 jobs, training and apprenticeships opportunities created, 73% of which were for people leaving in our homes.  This created over £6.7m of social value (using the HACT social value tool).  Our Welfare Benefits Officers were able to secure £13.7m of financial assistance for our customers, supporting them and helping keep rent accounts up to date.