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Surplus rises 15% at Vivid as completions remain steady
Portsmouth-based landlord Vivid has posted a 15% rise in its surplus for 2024-25, as its number of completions remained broadly constant.
Portsmouth-based landlord Vivid has posted a 15% rise in its surplus for 2024-25, as its number of completions remained broadly constant #UKhousingThe housing association’s operating surplus rose by 13.6% to £124.8m. Overall, Vivid reported an extra £8.1m in its surplus for the year, which totalled £61.9m.
Vivid’s turnover grew from £357.9m to £407.5m, while its turnover for social housing lettings also rose from £290.9m to £305.9m.
The results marked an improvement on last year. In 2023-24, it built a “record” number of new homes, delivering 1,524, but its surplus fell 25%, after being dented by interest and financing costs.
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The 37,000-home landlord said it completed slightly fewer homes than last year, delivering 1,505 in 2024-25. Of these, 335 were for social rent, 526 were for affordable rent and 459 were shared ownership.
It said 1,478 of its new homes had an Energy Performance Certificate rating of Band B or above. Earlier this year, the landlord secured a £125m sustainability-linked 15-year term facility from the Royal Bank of Scotland, which it said will help it to build 400 affordable, sustainable homes.
Vivid, ranked number six in Inside Housing’s Top 50 Biggest Builders of 2024-25, said it has a target to deliver 1,600 homes next year.
The landlord added that it had increased the total number of homes managed by more than 4% and had nearly 3,000 more customers since the previous year. Some of these were from its acquisition of 408 properties from housing association L&Q in December 2024, of which 371 were homes.
Mark Perry, chief executive of Vivid, said: “We’re dedicated to providing high-quality homes and consistent, reliable services that deliver outcomes that truly matter to customers.
“Our customers’ voices help shape everything we do, from the services we deliver to the way we invest in communities. This review of the year reflects that partnership.”
Mr Perry added that, over the past year, the landlord had focused on its repairs service, communication with customers and complaint-handling, “with a relentless drive for continuous improvement”.
“We’ve made significant progress, reducing the average time to complete a non-emergency repair to 18 days. We’ve seen a 20% increase in customer logins to their online account, showing the value it’s felt is gained from interacting with us in this way,” he said.
Mr Perry noted that Vivid had invested £100.2m in existing homes over the year.
Earlier this year, Vivid agreed a £200m loan from the Affordable Homes Guarantee Scheme, which it will use to deliver more than 1,300 new affordable homes.
The South of England landlord appointed David Ball as its interim chief financial officer, after the resignation of Duncan Brown.
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