11th Feb 2026 16:39
QUARTERLY PERFORMANCE UPDATE
Covering performance for the period ending 31 December 2025
Great Places Housing Group
Our performance updates provide regular, timely information regarding the performance of the Group. They are published quarterly, within six weeks of the quarter end.
The information included is based on unaudited management accounts and other internal performance measures.
FINANCIAL PERFORMANCE: QUARTER THREE
Surplus before tax in quarter three to December 2025 was £21m, £3m better than budget, mainly relating to net interest savings. Operating margin was 25.7% with full year forecast at 24.8%, slightly below the internal golden rule of 25% but well above the sector norm. Covenants for interest cover and gearing have been met.
Drawn debt (excluding bond/loan premium and loan fees) was £921m, increasing from £798m last quarter. We agreed a new £200m bond under the Affordable Homes Guarantee Scheme (AHGS) and drew £100m, drew an available agreed £75m bank loan, prepaid £46m revolving credit facilities (RCFs), and made £6m scheduled term loan repayments.
Undrawn bank agreed facilities was £539m, increasing from £468m last quarter due to £100m available AHGS bond, less £75m bank loan drawn, plus net £46m RCF drawdowns.
Cash held (excluding cash held on behalf of others or unavailable for use) was £23m.
Mark to market exposure on interest rate derivatives was £4m with nil cash collateral posted to meet counterparties' security requirements: this has moved since £2.7m reported in September 2025 due to interest rate market movements. In quarter three we agreed £50m interest rate derivatives across two counterparties, which is part of our ongoing hedging strategy.
OPERATIONAL PERFORMANCE
Our Signals for Success (SfS) continue to guide our performance across homes, customers, people, and financial viability. Quarter 3 has seen further progress in key areas, alongside targeted actions to address ongoing challenges.
Our Homes
At the end of December, 1,088 homes had started on site, marking significant progress toward the end of year target. 634 homes are scheduled to start in the coming months, as we complete our programme supported by Homes England grant.
The number of homes below EPC C stood at 2,236 at quarter-end. Delivery plans, including funded and self-delivery retrofit projects, remain on track to achieve year-end targets. Work is ongoing to understand the impact of changes to EPC scoring methodology and data enhancements, which may influence the future programme.
Our Customers
Customer satisfaction remains strong, with a year-to-date score of 78.1%, improving on quarter 2. Repairs satisfaction also increased, to 78.8%, reflecting sustained improvements in service delivery. While 'speed of repair' continues to be the main concern, this is being addressed through the ongoing Repairs Review, focusing on productivity and demand reduction.
Understanding and knowing our customers remains a key focus and we now hold EDI data for 66.2% of our customers. This insight enables us to tailor services, inform service design and neighbourhood planning.
Our People
Colleague engagement is measured through our colleague engagement survey, the most recent taking place in November. 81% of our workforce completed the survey: 88% agreed that they were motivated to achieve the purpose and vision of Great Places and work to its values, with 85% satisfied with Great Places as an employer.
We have a specific measure on the ease of our procedures, policies and work practices. This received a score of 7.2 out of 10. Longer-term improvements will come from technology upgrades and systems and process training.
Sickness absence for the year stood at 3.7%, aligning with sector benchmarks despite a December spike caused by a nationwide flu surge.
Financial Viability
EBITDA MRI interest cover was 146% at the end of December, in part reflecting the timing of expenditure. The major investment programmes are expected to catch up during the year meaning a year-end forecast at 115%, slightly ahead of budget.
Current tenant arrears remained stable at 3.3%, supported by improvements in arrears management automation and strong cross-team working.
Rent lost due to voids was 0.80%, continuing to perform within budget. Relet times and turnover remain positive.
Shared ownership sales metrics remain strong, with homes selling on average within 8.6 weeks of handover, well ahead of target. The forecast for the combined value of homes sold together with those reserved and on hold remains in excess of the full year target.
CORPORATE NEWS
Great Places Achieves C1 Rating for Consumer Standards
Great Places has been awarded a C1 grading for consumer standards by the Regulator of Social Housing, alongside our existing G1 (governance) and V2 (viability) gradings confirmed after the May 2024 inspection. The change from last year's C2 rating reflects progress under our Here For Our Customers Corporate Plan, including enhanced data on home condition and strengthened compliance with the Safety and Quality Standard.
£100 Million Funding Secured to Deliver Over 650 Affordable Homes
Great Places has secured £100 million funding through the Affordable Homes Guarantee Scheme (AHGS), managed by Saltaire on behalf of the UK Government. These are fixed rate bonds issued by Venn through its funding vehicle Saltaire Housing and lent to Great Places. This investment will enable delivery of more than 650 new affordable homes across the North West and South Yorkshire, while continuing to invest in existing properties. The funding forms part of a new £200 million facility, providing flexibility to access an additional £100 million in future. This long-term, cost-effective capital supports our treasury strategy and development ambitions.
Planning Approval for Riverpark Development in East Manchester
Plans for Riverpark, a major development of 498 homes in Newton Heath, East Manchester, have been approved by Manchester City Council. Delivered in partnership with Kellen Homes, the scheme will transform a former brownfield site into a vibrant neighbourhood, with almost half of the homes being affordable. The development includes houses, apartments, specially adapted homes, and improved sustainable travel links, supporting Manchester's target of 10,000 affordable and council homes by 2032.
Richmond Park Heat Network Highly Commended at HVR Awards
Our Assets Team received Highly Commended in the Retrofit Project of the Year category at the 2025 HVR Awards for the Richmond Park Heat Network upgrade in Sheffield. Supported by £1.6 million in HNES funding, the project has improved communal heating systems for 299 homes, reducing carbon emissions and enhancing reliability for customers.
Other news
For other news see our website News & Blog - Great Places
FEEDBACK
We welcome feedback on our performance update. Please contact Mike Gerrard, Chief Financial Officer, at [email protected]
The information included within this report is for information purposes only. The financial results quoted are unaudited. The report may contain forward looking statements and actual outcomes may differ materially. No statement in the report is intended to be a profit estimate or forecast. We do not undertake to revise such statements if our expectations change in response to events. This report does not constitute legal, tax, accounting or investment advice.