L&Q reported record investment in homes and services in its financial results for 2024/25.
The group spent £371m on maintenance, up from £326m the previous year, and moved into the third year of its £3bn, 15-year major works investment programme.
Over the year, more than 10,400 housing components were replaced, including kitchens, bathrooms, windows and roofs, with critical fire safety works also completed.
The programme created £37m of social value, up from £24m in 2024, through jobs, apprenticeships and improvements to community spaces.
In 2024/25, the group completed 2,316 new homes, down from 2,955 the previous year.
Of these, 81% were for social housing tenures, making L&Q the sector’s biggest builder of new social homes for the sixth year running.
Financial results showed EBITDA MRI at £371m, up from £343m the previous year.
Operating surplus increased to £377m from £333m in 2024.
Net debt remained stable at £5.4bn, with available liquidity at around £1bn.
Ed Farnsworth, executive group director, finance at L&Q, said: “L&Q has a clear strategy to simplify our business, prioritise L&Q’s core purpose as a social housing provider, and generate additional financial capacity to invest in new and existing affordable housing.
“Residents are at the heart of those priorities, and this positive set of financial results is testament to that, highlighting record levels of investment in homes and services, and also demonstrating continued improvements in our operational performance, supported by the impact of our organisational transformation plans.
“Wider economic uncertainty remains, and we remain resilient and agile to adapt to future challenges.”
Farnsworth added: “However, this is a period of significant opportunity for L&Q, with the government signalling the long-term investment in social housing that the sector has been calling for.
“These results demonstrate L&Q’s ongoing financial strength and viability, and ensure we remain in a sector-leading position to maximise future opportunities as we look ahead with optimism.”
