About this report
This annual report covers Notting Hill Genesis’s key activities and achievements during 2024/25. It focuses on financial performance to reassure our funders that their investments are sound. At the same time, it demonstrates the vital contribution those investments make to our residents’ lives.
The report is complemented by two other annual publications, relevant both to investors and other stakeholders, including residents, our most important customers. Our environmental, social and governance report shows how we continue to provide genuine social value, including through the introduction of more sustainable practices to tackle climate change. Our customer report, Working Better Together For Our Residents, concentrates on issues that directly impact those who live in our homes and use our services. It includes our performance against tenant satisfaction measures set by the Regulator of Social Housing and other internal metrics.
The Notting Hill Genesis group remains in a strong position despite a challenging economic and market backdrop in 2024/25. Though we faced higher interest rates and cost pressures that impacted organisations across our industry, our underlying performance was robust, with turnover increasing to £717m and our focus on cost control resulting in an improved EBITDA position.
Our cost base is becoming more efficient, and we continue to have a strong balance sheet with good levels of liquidity, supported by our successful raise of £250m after the period end. At the same time, our overall financial performance in 2024/25 was materially affected by some significant one-off non-cash items, which meant that for the year to 31 March 2025 we are reporting a deficit of £130.5 million. The reasons for this include a £119m downward revaluation of our private rent portfolio and £42m of exceptional costs due to impairments at some development sites because of additional building safety work and cost overruns elsewhere.
We received a regulatory judgment during the year that recognised our financial stability but also demonstrated the need for significant improvements across our organisation. Good strategic and operational progress has been over the past 12 months and we are pleased with the steps taken to deliver against our Better Together strategy and regulatory compliance action plan.
Notting Hill Genesis is an organisation undergoing an ambitious transformation and change on this scale will take time. Looking ahead, improving the resident experience will continue to be a key priority for the organisation, enabled by £800 million of investment into our homes over the next 10 years. We have growing confidence that important building safety works will be completed at the expected cost of £173 million and we will continue to do our bit to address the shortage of housing in London by building 3,000 new homes over the next five years.
85.7%
Annual visits by local officers to residents in their homes increased from 77.9% in March 2024 to a record high of 85.7% a year later.
89.3%
For anti-social behaviour, the percentage of cases updated within our 10 working day target rose from 60.6% to 89.3% over the same period.
69.6%
First-time fixes increased from 63.8% in March 2024 to 69.6% a year later.
74%
Standard repairs completed on time rose slightly from 73.5% to 74% over the same period.
91.9%
For emergency repairs completed on time, there was also a small increase, from 91.5% in March 2024 to 91.9% in March 2025.
79.9%
Damp and mould visits completed within 10 working days increased to 79.9% compared to 71.5% in March 2024.
99.6%
The percentage of our homes that meet the decent homes standard rose from 99% in March 2024 to 99.6% a year later.
54.1%
Customer satisfaction with planned investment activities increased to 54.1% in March 2025 compared to 45% in March 2024.
8,817
We exceeded our target of completing 8,500 stock condition surveys, with a year-end total of 8,817. This means 70.3% of homes have been surveyed within the last five years.
786
We completed 786 new homes, including 380 for low-cost rental and 253 for shared ownership.
359
Work started on site for a further 359 homes, all but nine for low-cost rental.
366
Plots acquired for 366 new homes, of which 357 will be for low-cost rental.
