Our year in review: progress, challenges and the work ahead

We published our annual report and financial statements for the year ending 31 March 2026 today, Thursday 15 October. At the same time, we have published two complementary reports – our environmental, social and governance report and our annual customer report.

Financial overview

Financial performance in FY 2025/26 was impacted by economic uncertainty and sustained pressure on operating costs. Turnover increased to £756.9m year-on-year (FY 2024/25: £717.9m) driven by rent increases and a higher amount of first-tranche shared ownership sales. A deficit of £284.6m (FY 2024/25: deficit of £130.0m) is reported, principally due to high levels of non-cash adjustments including revaluations, impairments and provisions for building safety costs.

Operating costs increased, due to increasing spend on day-to-day repairs, damp and mould, fire safety and under recovery of service charge costs. We also incurred high decant costs in relation to our Stratford Halo property. Our plans include targeting improved margins over time and focussing on financial governance and control, while continuing to invest in existing and new homes.

Despite the challenging underlying performance, the Group continues to have a strong balance sheet with good levels of liquidity, supported by the successful raise of £250m at the beginning of the Period. Net debt reduced to £3,524.5m (FY2024/25: £3,615.5m). Our strategic asset management programme and sale of our Folio private rental business are progressing well. These programmes are fundamentally about simplification of the organisation and a renewed focus on our core social housing mission, as well as enabling us to focus our resources where they can have the greatest impact for residents and further reducing debt in the year ahead.

Strategic change and regaining regulatory compliance

This year marked the conclusion of our three-year Better Together strategy, which has guided the organisation through a period of considerable change. At the beginning of the Period, the Regulator of Social Housing (RSH) agreed our plan to ensure we regain compliance with their governance and consumer standards.

We now have an opportunity to define the next chapter of the organisation and are developing a new strategy centred on our five key priorities: enhancing customer experience, delivering safe and quality homes, engaging our people, improving risk and governance and strengthening our financial resilience. We are focussed on embedding change across the organisation to continuously improve service delivery for our residents while improving finances.

Board changes

During FY 2025/26 Notting Hill Genesis strengthened its Board and Executive Team through a number of important appointments, including Brendan Sarsfield as group board chair, Dave Sheridan as chair of our homes sub-committee, Victor da Cunha as our new chief customer officer, Ken Youngman as interim Chief Financial Officer and Keith Woolley as interim Chief Technology Officer.

This renewal of leadership continued following the Period end, with the recent appointment of Helen Evans as interim chief executive in September 2026, as well as new appointments to many of the Board’s committees. Together, this has brought renewed leadership experience, particularly in social housing, valuable expertise and clear strategic insight to the organisation and the Board at a critical juncture.

Interim chief executive, Helen Evans, said:

“What is critically important now is to focus on simplifying the Group and how we work, to ensure that our efforts translate to lasting improvements for residents and significantly stronger financial resilience. This will take time, and will require us to simplify both how we are organised and to transform the way we work. We have a strong team in place who are committed to delivering the improvement that needs to be achieved.

“In the year ahead, our focus will be to accelerate the necessary operational and financial improvements, in particular exercising stronger cost control and financial discipline. We must also get a better understanding of how we can improve our forecasting and deliver on our promises. There is still significant work ahead, and I do not underestimate the scale of the challenge required, but I am confident that we will deliver safer homes, better and more consistent services and improved outcomes that our residents deserve in this next chapter. Our commitment to our social purpose as a strong London institution remains unchanged.”

We will provide a further update in our half year trading update.

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