Amplius posts £50m net surplus while completions come in below annual target

Amplius said its post-merger integration is generating efficiencies, which has enabled the landlord to commit £2.3m annually from the current financial year onwards to target investment in existing homes. 

Core back-office systems were fully integrated in 2025-26, and the next phase will focus on integration of its housing systems. 

“Given the scale and complexity of this work, detailed planning has been undertaken, with implementation scheduled for later in the financial year,” Amplius said. 

The housing association, headquartered in Milton Keynes, was formed from the merger of Longhurst Group and Grand Union Housing Group. 

Amplius completed 909 new homes last year, which was an increase from 896 completions in 2024-25.

But delivery fell short of its development target for 1,000 new homes annually, which was down to delays on two key sites.

Spending on development was £165m, which was slightly down from £168m in the previous year.

Amplius has identified over 3,300 homes for delivery over the next five years.

The landlord invested £53m in its existing homes in 2025-26, compared to £56m the previous year. This included £40m of capital major works and £13m on decarbonisation.

Its operating margin improved year-on-year by three percentage points to 28%. 

This was a result of higher first-tranche sales margins and operating expenditure increasing at a slower rate than turnover, Amplius said. 

As of 31 March this year, Amplius’ total liquidity was £289m, up from £270m in 2024-25. 

“Liquidity is strong and exceeds both treasury management policy and regulatory minimum requirements, with 57 months’ cover on a committed-only basis and 27 months including uncommitted development activity,” the trading update said.

Yasmin Holley, Amplius’ chief finance director, said the full-year results show “strong performance” across its core operational areas and “a final outturn exceeding expectations”.

She said: “We continue to maintain headroom against banking covenants and have strong liquidity, with good progress made in implementing our treasury management strategy.

“We secured £115m of new and extended funding during the period, with further facilities due to complete in Q1 [of] 2026-27 to support our development and investment plans.

“During the final quarter, we also submitted our bid to Homes England for the latest strategic partnership programme, with an outcome expected by the end of the summer.”

Rob Griffiths, deputy chief executive at Amplius, said: “Against a challenging macro-economic backdrop, we’ve delivered a strong set of financial results, outperforming targets for the year.”

He also said the landlord’s merger integration plan “remains on track for completion in the year ahead”.

Mr Griffiths continued: “This financial year, we’re focused on delivering our corporate plan priorities, including our purposeful impact programme. 

“Developed in collaboration with customers, our 2026-27 budget includes an extra £2.3m of investment, realised through merger efficiencies, to improve homes, services and opportunities for our customers.”