Citizen produces its first ever trading update covering the six months to 30 September 2023
We’ve published our first ever trading update highlighting our financial and operating performance, progress towards building new homes and how we are investing in homes we already own, and are improving lives for customers.
The six-month update which covers the period up to 30 September 23, shows a stable financial position.
From April 2023 we have been carrying out energy efficiency works to properties in Coventry to bring the EPC rating up to a minimum of C. This is being achieved thanks to our success in bidding for Wave 2 funding from the Social Housing Decarbonisation Fund, which was a collaboration with Coventry City Council.
We will spend nearly £74m by the end of 2025 to bring more than 4,000 homes up to a minimum EPC rating of a C, well ahead of the Government’s 2030 target.
These investments in our current homes are reflected in the Regulator of Social Housing’s financial viability regrade from V1 to V2 last October. We remain compliant with our G1/V2 rating. Our Moody’s rating of A3 (stable) was also maintained at the end of December.
The turnover for the period up to September 2023 was £97.4m and social housing lettings turnover contributed to 92 percent of the total turnover.
We also have strong ambitions for the future and plans to deliver 2,846 new affordable homes over the next five years.
Our chief financial officer, Gary Booth, said: “We’re pleased to complete our first ever trading update as Citizen. As a housing association we want to provide homes that are a foundation for life and are committed to investing in our homes, people and partners.
“The investment in our least energy efficient homes will make them a better place to live for our customers. The Regulator for Social Housing recognises that we’ve got a funded financial plan and are forecasting to meet our financial tests set by our lenders.
“We’re bringing forward the investment in our existing homes, to get them to minimum EPC C rating by the end of 2025, which is five years sooner than we have to – which is absolutely the right thing to do for our customers.
“We will continue to invest in our existing customers’ homes and look forward to seeing our progress over the next six months.”
Read the six month trading update up to September 2023 here.