YJ18 Onward Homes 53

Publication of annual report and financial statements of Onward Homes Limited for the year ended 31 March 2024

Onward Homes Limited (OHL) is the charitable registered provider of social housing within the Onward Group. Onward Group Limited (OGL) is the parent entity in the Onward Group and is a non-charitable registered provider of social housing.

The annual report and financial statements of both entities are published today and are available for viewing on Onward's website.

Onward Homes Limited

(onward.co.uk)

OHL has made a net surplus before tax for the year of £15.1m (2023: £16.9m). This is a year-on-year reduction of £1.8m due to increased net interest costs. Underlying this, operating surplus of £26.0 (2023: £24.3m) has increased by £1.7m versus the prior year.

OHL ended the financial year with cash and cash equivalents of £14.4m (2023: £46.5m). The reduced cash position is due to the funding of the entity's development programme. OHL held excess cash during the prior year following its £50m bond issue in 2022.

Onward Group Limited

(onward.co.uk)

The consolidated group has made a net surplus before tax for the year of £11.6m (2023: £11.0m). Underlying this, operating surplus of £25.0m (2023: £19.8m) has increase by £5.2m versus the prior year. This is in part due to the fact that prior year results included the impact of a £3.5m impairment charge applied in OGL's subsidiary, Onward Build Limited (this entity is not a registered provider of social housing).

For further information, please contact:

Onward Homes Limited

Dani James

Executive Director of Finance

3rd/4th Floor

Watson Building

4 Renshaw Street

Liverpool

L1 2SA

Email: Danielle.james@onward.co.uk