Housing association has spent over £200m on issue in past four years
Peabody spent more than £60m last year on fire safety work, bringing the total amount it has forked out on remediation in the past two years to more than £120m.
The housing association said the £64m it shelled out was for remediation work and follows the £66m it spent in the year to March 2023 on building and fire safety work.
In 2021 and 2022, the group spent a combined £73m on fire safety work.
In a trading update for the year to March 2024, the firm added: “We also spent £175m on planned maintenance and responsive repairs. This reflects our continuing priority of getting the basics right and making residents’ homes better places to live.”
The update also said it completed 1,381 new homes in the last 12 months.
The housing association invested £533m in new homes over the period, making 1,157 new starts on site.
According to the update, issued ahead of its annual report later this year, turnover for 2023/24 was £992m, with £855m coming from core operations including £774m from social housing lettings.
Peabody said its operating margin was set to be at a similar level to last year (23%), despite “significant cost pressures”.
Ian McDermott, Peabody chief executive, said: “This has been a year of good progress, but we know there is much work to do. We’re transforming our services and investing in homes and sustainable places for the long-term.”
This is Peabody’s second year of trading incorporating Catalyst Housing and its subsidiaries as part of the group.
Peabody said it will release its annual report later this year.
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