Executing the right strategy for Sanctuary
Sanctuary is an organisation with social purpose at its heart. We pride ourselves on being resilient, financially-strong and well-managed - because those qualities enable us to deliver our mission and serve our customers.
2022/23 Annual Report and Financial Statements
Sanctuary is pleased to report a strong performance for the financial year 2022/2023. The last 12 months have seen another period of growth and recovery from the pandemic. The Group’s financial results reflect this progress with an improvement in surplus before tax which has been invested back in record reinvestment spend of £96m, while maintaining appropriate levels of financial robustness and resilience.
Key financial highlights:
- Homes in management up 13.4% to 119,695
- Revenue up 16.2% to £943.8m
- Operating surplus up 11.8% to £199.6m
- Operating margin of 21.1% (2022: 22.0%)
- Underlying operating margin of 20.0% (2022: 21.2%)
- Social housing operating surplus margin of 33.1% (2022: 35.7%)
- Surplus before tax up 72.9% to £101.3m
- Underlying surplus before tax up 23.1% to £58.1m
- EBITDA up 9.0% to £279.8m
- EBITDA MRI interest cover of 120.3% (2022: 128.4%)
- Cash and undrawn facilities of £614.1m (2022: £535.1m)
Revenue growth across all business areas, combined with £51.9m of additional revenue from in-year business combinations, has resulted in total Group revenue of £943.8m, an increase of £131.3m (16.2%) from the prior year.
Our next investors update is scheduled for 5 July 2024.
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