Jigsaw posts surplus rise and ‘high margins’ in half-year update

The group, which owns homes across the North West and East Midlands, has also announced plans to consolidate its four registered providers into a single provider, with a target to implement this by April 2027.

It delivered 254 homes across a mix of tenures in the first six months of 2025-26, down from 397 completions over the same period last year.

But the group “remains on track to achieve its practical completion target of 800 new homes for 2025-26”, the update said.

The landlord said it had completed 45 first-tranche shared ownership sales during the six-month period, against a target of 67 for the full financial year.

Jigsaw’s operating surplus rose from £34.2m last year to £40.3m, while its operating margin stood at 31.2% as of 30 September 2025 – 10 percentage points higher than its target.

It estimates that forecast figures will be “slightly better” than its original expectations for 2025-26, according to the update.

On asset management, the group said it had carried out over 18,900 assessments for damp, mould and condensation, identifying 3,742 cases requiring action.

It said: “In preparing for the requirements of Awaab’s Law, we established a dedicated Healthy Homes Team in 2024-25, providing holistic case management for damp, mould and condensation issues.

“We proactively complete an assessment of the safety and condition of our homes at least once a year to ensure properties do not present significant hazards to tenants that go undetected.”

Brian Moran, group chief executive, said: “Jigsaw Group remains financially robust and strategically well-positioned. 

“Our development pipeline, regulatory compliance framework and asset management programmes support sustainable growth while delivering our social mission.”