Moat posts 40% fall in pre-tax surplus, but rise in turnover and new homes

Moat Homes’ turnover for the year rose from £154.4m to £164.4m, driven by an increase in its income from social housing lettings.

The housing association also completed more new homes compared with the previous financial year, with 478 handed over, including 349 at affordable rent and 109 shared ownership properties. This was 27 fewer than its target of 505, after the handover of 40 homes at one scheme was delayed until June.

Accounts show that Moat Homes spent less on new developments this year – £81m compared with £107m – but boosted its repairs investment to £63m, up from £51m in 2024.

Gavin Cansfield, chief executive of Moat, since October 2024, said: “I joined Moat at a pivotal time, shortly after the completion of the regulatory inspection under the new customer standards, and just before switching to an interim 18-month repairs contract.

“These significant milestones are helping to shape our priorities and sharpen our focus for the year ahead.

“This year, we’ve achieved strong financial results, enhancing our social impact and improving the lives of our customers.

“This includes the successful completion of our ambitious decarbonisation programme, which upgraded 407 homes with a gross spend of £14m, partially funded by £5m from the Social Housing Decarbonisation Fund.”

He added: “As at the end of March 2025, our overall satisfaction is at 62% (2024: 55%), reflecting an improvement across all measures.

“The overall repairs services remains an area for focus, and we’ve implemented a comprehensive improvement plan to address this.”

Last month, Moat appointed Helen Evans as its new chair, after the departure of Steve White, who had held the role for nine years.

In May, the landlord opened bids for a £420m, 10-year repairs and maintenance contract. It will appoint a provider by next January.