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Half-year surplus at Onward rises 75%
Onward Homes has posted a net surplus of just under £16m in its half-year results, marking a 75% increase on the previous year.
Onward Homes has posted a net surplus of just under £16m in its half-year results, marking a 75% increase on the previous year #UKhousingIn a trading update for the six months to 30 September 2025, the 36,000-home landlord reported a net operating surplus of £15.9m, up from £9.1m in the same period last year.
Onward’s turnover was £103.3m for the six-month period, a 5% increase on the first half of 2024-25, driven in part by a 9% increase in strategic sales.
Operating costs of £83m fell by 1.2% compared to last year, which Onward said was driven by “reduced maintenance costs” as a result of lower volumes.
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The trading update also said the landlord’s operating margin “remains robust” at 19.7%, with the forecast at year-end expected to be 11.3%, which is in line with its budget position.
Interest cover projection at the end of the period was 314.9%, up from 300.7% at the same point in the previous year.
The update said the landlord faces “no significant short-term refinancing risk” and has “strong liquidity and flexibility, with £266m undrawn facilities plus £85m retained bond”.
Onward’s asset disposals were higher in the first half of 2025-26 compared to the previous year, up to £2.9m from £1.2m.
“Asset disposals were higher than the previous year and include disposals through our portfolio management program [sic], which is focused on reviewing our stock to ensure that we are utilising our financial capacity to invest wisely,” the trading update said.
Dani James, executive director of finance, said Onward has “enjoyed strong financial performance in the first half of the year”.
“We anticipate expenditure to increase in the latter half of the year which is usually the case, but we are still forecasting to achieve our budgeted operating surplus and operating margin and maintain strong headroom against our loan covenants,” she added.
Onward has recently appointed a new chief executive, Sandy Livingstone, who took up the role on 1 February this year.
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