Sovereign Network Group reports 19.7% rise in operating surplus

LONDON - Sovereign Network Group (SNG) reported a 19.7% increase in operating surplus to £205 million for the 2024/25 financial year, according to the housing association’s annual report released Tuesday.

The group’s turnover rose 12.2% to £794.2 million, while total net assets reached £2.8 billion. Fixed assets grew to £7.9 billion from £7.3 billion in the previous year.

SNG held £761 million in cash and undrawn facilities as of March 31, 2025, with net debt standing at £3.9 billion.

The housing association invested £642 million in building new homes, up from £488 million in the previous year. The group started construction on 2,486 homes and completed 1,590 during the period. SNG maintains a development pipeline of 11,300 homes, with 90% designated as affordable housing.

Investment in existing properties increased to £245 million as part of the group’s Homes and Place standard program, which was developed with input from customers.

SNG allocated £7 million to community programs, including £1.5 million for cost of living support. The group secured an additional £2 million from external partners to support 242 local organizations.

"Our financial results reflect the strength and stability that SNG has achieved since our merger," said Mark Washer, Group Chief Executive of SNG, in the press release.

The group also published its Impact and Sustainability Report, which showed SNG generated social value of £140.6 million last year, a 37% increase from £102.3 million in the previous year.

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