7th July 2025
Sanctuary
Sanctuary is pleased to share its audited financial results for 2024/2025.
Group revenue for 2025 was £1,179.3m (2024: £1,085.4m) representing a £93.9m or 8.7% increase. The rise predominantly reflects growth in the affordable housing business, which benefited from an increase in revenue from existing homes, additional revenue from new affordable homes, and a full year of income from Johnnie Johnson Housing.
Underlying operating surplus was higher, increasing by £19.3m or 9.3% to £226.0m (2024: £206.7m), while underlying operating margin also improved at 19.2% (2024: 19.0%); social housing operating margin remained strong at 29.3% (2024: 31.1%).
Key financial highlights:
| Homes in management | 125,719 |
| Revenue | £1,179.3m |
| Underlying operating surplus | £226.0m |
| Operating surplus | £215.7m |
| Underlying operating surplus margin | 19.2% |
| Operating surplus margin | 18.3% |
| Social housing operating surplus margin | 29.3% |
| EBITDA MRI interest cover | 110.2% |
A deficit of £29.7m (2024: £196.3m surplus) was recognised for 2025 due to revaluation movements, and other adjustments, in respect of student properties classified as held for sale, and the cessation of several defined benefit pension schemes.
Cash generated from operating activities grew to £374.8m (2024: £286.6m). The continued strength of the Group’s liquidity is highlighted by the 2025 closing cash balance of £159.6m (2024: £141.9m), and undrawn facilities of £356.5m (2024: £467.0m), ensuring the Group has 23 months of financing versus committed expenditure.
While certain Tenant Satisfaction Measures have improved, our other scores have remained broadly in line with last year; however, resident satisfaction is marginally lower at 64% (2024: 66%).
Strong operational performance continues to underpin our financial results.
Ed Lunt, Chief Financial Officer, said: “Our results reflect another positive year for the Group and we remain in robust financial health, demonstrating the Group’s financial resilience achieved through its scale, operating structures, and strong governance.
“For a third year running we have invested a record amount (£122m) in our homes for the benefit of customers, despite the economic challenges, while staying within our golden rules and maintaining investment grade credit ratings.”
