Abri hits 1,000-home build target for 2022/23

Abri completed more than 1,000 homes in 2022/23, exceeding its aim for the year, it has announced.

The 35,000-home housing association, in unaudited figures published today, said it completed 1,017 homes last financial year including those built through joint ventures, up 20% from 850 built the previous year.

Abri also announced an 8% increase in turnover to £264m, with income from rent and property sales increasing by £12m and £6m respectively. Its pre-tax surplus jumped 56% to £44m, helped by disposals of existing stock.

The association’s operating margin fell slightly from 28.6% to 28%, which it said was due to “inflationary pressure”.

Abri had said in last year’s financial statements it was “looking forward” to delivering over 1,000 homes in 2022/23.

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The association is aiming to build 12,500 homes by 2030. In 2021, it secured a £250m Strategic Partnership deal with Homes England, which it previously said will help it to deliver an additional 3,218 affordable homes by 2027/28. 

Abri announced earlier this month that it is in merger discussions with 6,500-home Silva Homes. Under the proposed plan, Silva would join Abri as a subsidiary.