Jigsaw Homes Group Limited (Jigsaw or the Group) today issues its unaudited Group trading update for the six months ended 30 September 2025.
Despite challenges faced in the period, our Development Strategy 2021-2026 remains on track to deliver approximately 4,000 new homes by April 2026. In the six months to 30 September 2025, we delivered 254 new homes across affordable rent, social rent, rent to buy, and shared ownership tenures.
Investment in our existing stock continues at scale, with approximately £100 million spent on ongoing maintenance programmes during 2024/25. This programme continues into 2025/26.
Our strategic focus on partnerships and community engagement positions us well for future growth, delivering value for investors whilst creating positive impact in the communities we serve.
Some more key highlights:
- Jigsaw owns and manages over 38,000 homes with a strong regional presence and expertise in the North West and East Midlands.
- Jigsaw continues to maintain its G1/V1 regulatory rating and A2 (Moody’s) credit rating.
- 81% of performance kpis in target at 30 September 2025.
- 254 new homes delivered in the six months, across all social housing tenures – the Group remains on track to achieve its practical completion target of 800 new homes for 2025/26.
- As at 30 September 2025, the Group had 1,111 homes on site across 56 schemes, with 42 new units started in the six-month period.
- Operating surplus and surplus after taxation to 30 September 2025 improved on prior periods.
- Overall forecast financial performance to 31 March 2026 is currently expected to be slightly better than our original expectations.
- £122 million of turnover for the six-month period with 92% derived from social housing lettings.
- £40 million of operating surplus – 33% of turnover and £25 million surplus after tax – 21% of turnover, generated in the first six months.
- EBITDA-MRI interest cover as of 30 September 2025 remains robust at 175%.
- At 30 September 2025, over £2 billion – at cost – of housing properties owned.
- Gearing as at 30 September 2025 was 48%.
- The Group continues to ensure its has sufficient financial capacity to support the delivery of its Corporate Plan.
- c. 10,100 unencumbered units held at 30 September 2025.
Brian Moran, Group Chief Executive said: “Jigsaw Group remains financially robust and strategically well-positioned. Our development pipeline, regulatory compliance framework, and asset management programmes support sustainable growth whilst delivering our social mission.”
You can view and/or download the trading update for the period ending 30 September 2025, here>>
