The Guinness Partnership Financial Statements
Guinness Partnership (The) Limited
13 August 2026
Publication of The Guinness Partnership Group's Financial Statements for the year ended 31 March 2026
Financial Statements are now available online: https://www.guinnesspartnership.com/about-us/company-publications/
Group Highlights
· Operating surplus of £96.5m and total surplus of £10.9m.
· Invested £206.3m in maintaining and improving existing homes.
· Invested £169.4m in new homes, with 793 new homes completed (607 for social and affordable rent and 186 for shared ownership) and 239 homes starting on site.
· Successful integration of Shepherds Bush Housing Association Limited into Group operations.
· Retained our G1/V2 gradings for Governance and Financial Viability and achieved C1 grading for compliance with the Consumer Standards following inspection by the Housing Regulator.
|
Group Financial Performance |
2026 |
2025 |
|
Turnover |
£528.9m |
£534.7m |
|
Operating Surplus |
£96.5m |
£71.2m |
|
Net financing costs |
£86.0m |
£81.8m |
|
Total surplus / (deficit) after tax |
£10.9m |
(£10.8m) |
|
Investment in existing homes |
£206.3m |
£206.3m |
|
Cash and cash equivalents Undrawn loan facilities Total reserves |
£74.4m £726.3m £1,134.0m |
£97.9m £966.2m £1,120.3m |
|
Group Financial Metrics Operating Margin - overall Operating Margin - social housing lettings |
15.7% 19.6% |
9.4% 15.0% |
|
Net Margin |
2.1% |
(2.0)% |
|
EBITDA-MRI Interest Cover (sector measure) |
71.7% |
31.3% |
|
EBITDA Interest Cover |
155.3% |
128.3% |
|
Gearing (net debt as % of housing properties at cost) |
46.3% |
44.0% |
|
Other metrics |
||
|
Homes owned and managed |
70,506 |
70,023 |
|
Homes under construction |
2,431 |
3,024 |
|
New homes completed |
793 |
699 |
The Group's core activity is the letting of social housing, with 89.9% of the Group's turnover being generated from this activity (2025: 85.4%). Social housing lettings activity delivered an operating surplus of £93.2m (2025: £68.7m) and an associated operating margin of 19.6% (2025:15.0%). Group financial performance has improved year on year due to lower net costs (following the exit from care activities in 2024), lower impairment charges in 2025/26 and a reduction in net building safety expenditure driven by the release of provisions following confirmation of grant funding and reduced activity as projects near completion. The improvement in surplus also reflects delivery of operational efficiencies of £4.4m.
Net financing charges increased to £86.0m (2025: £81.8m), reflecting additional borrowing of £144.5m to support our new homes programme.
The Group is reporting an overall surplus of £10.9m for the year ended 31 March 2026 on Turnover of £528.9m.
During the year we invested £206.3m in maintaining and improving residents' homes (2025: £206.3m). The Group completed 793 new homes during the year to 31 March 2026 (2024: 699) and has 2,431 homes under construction. The Group has limited exposure to the private sales market with only 6 homes for outright sale held as stock at 31 March 2026 and 144 homes for outright sale currently on site. The Group has 112 completed shared ownership homes held as stock at 31 March 2026 and 1,022 shared ownership homes currently on site (expected to be made available for sale between 2026 and 2031).
All information has been extracted from the 2025/26 year-end financial statements.
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