As one of the largest housing groups in England with 35,000 homes across the North West and East Midlands, we have maintained a turnover in excess of £180m in the last financial year and an operating margin of 35%. This is well above the average for housing providers and allows a significant building programme.
With an operating surplus of £62.5m and a retained surplus of £32.4m, Jigsaw Group remains in a strong position as we look to deliver more new homes.
In 2019/20 and despite the global pandemic, which saw many housing development sites across the country close, we delivered 532 affordable homes which supported an estimated 1,328 jobs with an economic impact of around £71.6m. It plans to develop a further 1,649 homes by 2023.
This healthy financial position meant that we did not require access to the Government’s Coronavirus Job Retention Scheme and no Jigsaw Homes Group employees were furloughed.
In May this year, we completed the formation of a Group Treasury Vehicle, with five housing providers within Jigsaw joining a combined borrowing group managed by Jigsaw Treasury Limited. This new structure, will support not only the delivery of Jigsaw’s corporate plan in building more homes, but will provide the additional capacity and ability to deliver 800 homes per annum.
This follows our successful bid to Legal & General Affordable Homes (LGAH) as their managing agent throughout the North West. LGAH plans to deliver 3,000 homes nationwide each year from 2022.
Success continues with the impact of Jigsaw Foundation that allocated around £500k worth of funding to local community groups, and Jigsaw Support, the latter of which provides a strategic framework for contract-funded work to help meet the needs of vulnerable people.
Chief Executive Hilary Roberts said: “We are in a good, strong position which we expect to continue year on year. Using our assets together with a healthy surplus, we are able to fund the development of more social housing and will continue to invest in new homes, to help tackle the country’s housing crisis.”
Chair of Jigsaw Homes Group Board, Fay Selvan said: “We have delivered on efficiency savings promised by the merger, and much of the ground work that was needed in bringing that together has now been completed – so we are now able to look outwards and upwards. We remain in a position of strength to play our part in helping the country recover when the pandemic passes.”