INTRODUCTION
Financial review
A summary of our financial position at the end of the 2025/26 financial year
Treasury management
At 31 March 2026, Amplius had total committed loan facilities of £1.6bn (2025: £1.5bn), of which £1.3bn was drawn and £280.5m remained undrawn at the reporting date. Of the total drawn debt, £761m is managed through Amplius’ established special purpose funding vehicles, Libra (Longhurst Group) Treasury plc, Libra (Longhurst Group) Treasury No. 2 plc and Grand Union Funding plc, with the remaining balance held directly within Amplius. During the year and following the year end, Amplius strengthened its liquidity position through the completion of new and extended loan facilities. A total of £115m of new and extended funding was completed during the financial year, with the remaining facilities completed in the first quarter of 2026/27, bringing total new bank funding to £300m. This activity has increased available liquidity, extended Amplius’ funding maturity profile and supports the delivery of the long-term business plan. At the date of approval, Amplius is progressing £200m of funding through the Affordable Homes Guarantee Scheme (AHGS). This funding will further diversify the organisation’s funding sources, provide access to long-dated, cost-effective finance and support the continued delivery of the planned investment, development and asset management programmes.
Loan facilities Total committed loan facilities increased to £1.6bn at 31 March 2026 (2025: £1.50bn), reflecting new funding secured and the extension and refinancing of existing facilities. The movement in facilities during the year primarily relates to the net impact of facilities maturing and new debt arranged and extended under the Treasury Strategy, ensuring that Amplius maintains an appropriate balance between long-term funding certainty and operational flexibility. Amplius has three sustainability-linked loan facilities totalling £420m (2025: £295m). These incorporate performance measures linked to environmental, social and governance outcomes, reinforcing our commitment to delivering sustainable growth and positive customer and community outcomes. The sustainability-linked targets are aligned to key strategic priorities and include measures relating to governance performance, the delivery of new homes, and the energy efficiency of both new and existing homes.
Performance against these measures is monitored through established treasury and governance arrangements and assessed in accordance with the definitions and requirements set out in the relevant funding agreements. Amplius maintains a strong liquidity position, supported by a combination of undrawn committed facilities and cash resources. Following the additional funding activity completed both before and after the year end, liquidity has been further strengthened and is considered sufficient to support Amplius’ planned investment, development and asset management programmes. During the year, the Board approved a simplification of the Group’s treasury management structure, with all non-bond lending within Libra (Longhurst Group) Treasury plc being reorganised into Amplius.
Year-end total committed facilities:
- £275m was issued or managed through Libra (Longhurst Group) Treasury plc (2025: £384.9m
- £350m through Libra (Longhurst Group) Treasury No. 2 plc (2025: £350m)
- £136m through Grand Union Funding plc (2025: £136m)
FIGURE 1 Total committed funding 2025/26
Hedging activity Amplius’ treasury management approach provides flexibility to manage interest rate exposure within parameters approved by the Board. This approach is designed to balance cost certainty with the ability to respond to changing market conditions, ensuring that Amplius generates value from its treasury activities while maintaining appropriate protection against interest rate volatility. During the year, Amplius completed £50m of additional interest rate hedging through interest rate swaps. These transactions were secured at competitive rates and maintained the proportion of fixed rate debt at 83% (2025: 84%), whilst the variable rate exposure increased during the year through the drawing of loan facilities. This activity is fully aligned with the organisation’s treasury management policy and risk appetite. The additional hedging has reduced Amplius’ exposure to future movements in interest rates and has had a positive impact on the mark‑to‑market position of its derivative portfolio. This reflects an improvement in the valuation of financial instruments at the reporting date and provides increased certainty over future borrowing costs.
FIGURE 2 Fixed vs. variable debt
FIGURE 3 Liquidity at 31 March 2026
Debt repayment profile Amplius’ debt portfolio remains predominantly long-term in nature, providing stability and supporting the delivery of the long-term business plan. At 31 March 2026, 74% (2025: 77%) of drawn facilities are repayable in five years or more. The remaining 26% (2025: 23%) relates to facilities with a contractual maturity within five years. These are primarily revolving credit facilities and form part of Amplius’ approach to maintaining operational liquidity and flexibility. Overall, 60% (2025: 64%) of committed facilities mature beyond five years. This long-dated maturity profile is supported by existing bond issuances, including £250m maturing in 2038 and £486m in 2043, and will be further strengthened by the £200m of funding currently being progressed through the AHGS. Of the £20.6m (2025: £44.4m) of committed facilities maturing within one year, none (2025: £30m) relates to revolving credit facilities. These facilities are managed as part of the organisation’s short-term liquidity position and have been refinanced in the first quarter of 2026/27. Amplius maintains a well-diversified maturity profile across a range of tenors and funding sources, reducing refinancing risk and supporting long-term financial resilience. This position will be further strengthened through the progression of additional longer-dated funding, extending the overall maturity profile in line with the organisation’s Treasury Strategy.
FIGURE 4 Drawn and committed funds
Interest rate exposure
At 31 March 2026, Amplius reported a net standalone interest rate swap asset of £0.8m (2025: £1.0m liability), based on £92.5m (2025: £52.5m) of notional principal in swaps paying fixed rates and receiving SONIA. All interest rate swaps allow for the mark‑to‑market (M2M) position to be secured by either property assets or cash. Amplius operates with an unsecured threshold of £5m, which was sufficient relative to the M2M position at the reporting date. Additional unencumbered security is available should collateral requirements arise in future. Amplius actively manages its derivative portfolio within the parameters set out in its treasury management policy, ensuring that counterparty exposure and collateral requirements are appropriately monitored and controlled.
Merging accounts
The merger between Longhurst Group and Grand Union Housing Group completed on 16 December 2024 through a transfer of engagements, with the merged organisation now operating under the Amplius Living name. Financial performance for 2024/25 is presented on a pro forma basis, reflecting the combined results of the legacy organisations. This approach ensures comparability of financial performance across both periods.
Review of Group financial performance
For the year ended 31 March 2026, Amplius delivered a consolidated post-tax surplus of £48.8m (2025: £34.4m). Total turnover decreased to £291.9m (2025: £297.2m), reflecting a lower level of first tranche shared ownership sale completions in year. Social housing lettings remained the primary source of income, representing approximately 85% (2025: 80%) of total turnover and providing a stable and predictable revenue base.
The overall increased surplus and operating margin of 27.0% (2025: 24.7%) were further supported by gains on disposal of housing properties of £20.4m (2025: £11.2m), arising primarily from asset disposals and shared ownership staircasing activity. Amplius does not rely on property sales to support its underlying financial performance, with core social housing lettings providing the primary and most stable income stream. Cost pressures remained during the year, although the rate of increase moderated, in line with the prior period. Over 105,000 responsive repairs were completed, with overall repairs and maintenance expenditure broadly consistent year on year. This includes the impact of contractor mobilisation changes within one region, with early operational indicators from the transition being positive.
Investment in existing homes and sustainability Amplius invested £47.3m (2025: £51.8m) in capital works across existing homes, including the replacement of 1,238 kitchens (2025: 797) and 748 bathrooms (2025: 689). This investment supports compliance with the Decent Homes Standard and the ongoing improvement of the existing housing stock.
Amplius continues to invest in improving the energy efficiency of homes. During the year, a further £12.0m (2025: £12.3m) was invested in decarbonisation works, supported by £6.7m (2025: £3.8m) of grant funding through the Warm Homes: Social Housing Fund. These works focus on improving homes to EPC band C and supporting customers with energy costs.
The Warm Homes: Social Housing Fund programme delivered improvements to 554 properties during the year, with 1,467 energy efficiency measures installed in the first phase. Additional funding secured has enabled a further 100 homes to be brought into the programme, supporting its continued rollout.
Understanding of asset condition also strengthened during the year, with 8,600 stock condition surveys completed. As a result, 91% of homes have now been surveyed within the last five years, providing a more robust and consistent evidence base to inform future investment decisions and long-term asset management planning.
Financing and financial position Financing costs increased to £51.2m (2025: £49.1m), reflecting higher borrowings. This was partially offset by a reduction in the weighted average cost of debt to 4.48% (2025: 4.57%), demonstrating continued effective treasury management.
Total lending increased to £1.29bn (2025: £1.25bn), reflecting funding activity and the ongoing investment programme.
The net book value of housing property fixed assets increased to £2.53bn (2025: £2.37bn), driven by continued investment in homes and development activity. A total of 909 new homes were delivered during the year (2025: 896).
The pension deficit reduced to £6.0m (2025: £11.0m), primarily reflecting updated actuarial assumptions, including higher discount rates.
The cash flow hedge reserve increased to an asset position of £0.8m (2025: £1.0m liability), reflecting the impact of new swap transactions undertaken during the year, movements in rates and the resulting improvement in the M2M position of the derivative portfolio.