Our Annual Report highlights for 2024-25
Investing in homes and services
Our focus has been on maintaining and improving residents' homes and putting the right foundations in place to deliver better services to residents in their local neighbourhoods.
Despite the challenging operating environment, we spent £431m looking after residents’ homes and invested £9m in local communities. At an average of £147 a week, our rents remain low - a third of what you'd pay in the private rental sector - and we're allocating this income to an ever-increasing range of demands. We are financially stable and resilient, but our performance remains under pressure and below the level we’d like.
We improved the energy efficiency of residents’ homes, with 81.7 percent now having an EPC rating of C or above. This means they’re easier to keep warm and require less heating, which ultimately helps reduce residents’ energy bills. We completed 1,010 new homes (626 for social or affordable rent).
- 108,902 homes in 140 neighbourhoods
- £431m spent on residents’ homes
- 81.7% of residents’ homes have an energy efficiency rating of C or above
- £9m invested in local communities
- £1.1bn annual rent subsidy
- 1,010 new homes completed
“Despite multiple challenges, including one of the most difficult financial climates for many years, we’ve continued to put residents at the heart of everything we do and focus on putting the right foundations in place to improve services.”
Ian McDermott, Peabody Chief Executive
Resilient finances
In a challenging operating environment, we had an overall turnover of £1.03bn (2024: £989m) and an operating surplus of £220m (2024: £244m). This was used to cover essential costs and financial obligations, with the remainder reinvested directly into residents’ homes and services.
Our rents remain significantly below the private rental market, providing a benefit to residents, local communities, and the economy of £1.1bn.
During the year, we prioritised spending on residents’ homes, investing £231m improving their condition and environmental performance, and spending a further £200m on repairs and routine maintenance.
We spent £336m building 1,010 new homes, of which 626 were for social or affordable rent. And we have 6,073 homes on-site, including joint ventures, at various stages of construction.
Improving the experience for residents
We know that doing repairs well is important to residents, so we’re continually looking at ways to improve our service. Find out more about what we’re doing, including hosting a special repairs day in New Mansion Square, Battersea.
The numbers
Group turnover
spent improving and maintaining residents' homes
annual social rent subsidy
Supporting residents
We invested £9m in local communities through our Peabody Community Foundation (PCF). This helped support projects attended by 30,000 people and provide 65,000 hours of free sessions on everything from wellbeing workshops to English lessons.
We successfully handled 1.2 million individual contacts with residents, and significantly cut the time it takes to get through to our Contact Centre. More than 2,250 residents attended events and used their voice to help us improve.
We completed 357,556 responsive repairs, such as fixing a boiler or tackling damp and mould, as well as dealing with other issues proactively. And overall satisfaction amongst residents who rent their home rose to 58.7 percent.
Our Financial Inclusion team received 4,500 referrals for support and helped residents increase their income by a combined £3.5m. Separately, our work with partners, created £10.4m in social value – that's tangible social and economic improvements to people’s lives through things like apprenticeships or funding for grassroots events.
We also supported around 25,000 customers through our care and support services.
Surplus food saves locals more than £200,000
As the high cost-of-living continues to affect many residents, the London Food Insecurity Network (LFIN) is going from strength to strength. Find out how the partnership helped save local communities more than £200,000.
The numbers
invested in local communities
boost to residents' combined income thanks to advice from our Financial Inclusion team
social value generated through suppliers and contractors
Making Peabody sustainable
During the year, we worked hard to embed sustainability throughout the organisation, taking a whole place approach to looking after residents’ homes and local communities.
We know the climate is changing, and we’re working to understand and mitigate the impact so we can respond more effectively, protect residents, and build long-term resilience into local communities. We also introduced a training and awareness programme to foster sustainable working practices across the organisation.
We invested £27m in sustainability programmes, including adding insulation, solar panels, and replacing windows to make residents’ homes easier to keep warm and reduce the need for as much heating.
E-bike improves service as well as reducing emissions
Caretakers in Earl’s Court are reducing emissions and saving time using a new electric scooter for estate travel. Find out how this switch supports our Sustainability Strategy.
The numbers
of residents' homes rated EPC C or above
invested in sustainability programmes
CO2 saved by using zero-carbon electricity
Looking ahead
This summer we published our new Group Strategy, which sets out our plan for the next three years and is focused on continued improvement across our neighbourhoods.
We also appointed a new resident Board member to help ensure the Board is connected to the real experience of residents and that their voice is heard at the highest levels. We now have three residents on the Board.
