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At Thirteen, we're a landlord and housing developer providing homes for rent and sale throughout North East England. We manage 35,000 properties from Northumberland to Yorkshire, with the majority of homes for rent and sale in Teesside.
Thirteen provides customers with homes, support and opportunities to grow.
Our 1,600 colleagues provide services for more than 70,000 customers across Teesside, the North East and Yorkshire.
Our reason for being is to provide good quality homes and support for those in housing need. We provide support for anyone who needs a little help: help to get on the housing ladder, help to pay the rent, help to keep their home in good repair.
As well as property for rent, we have a track record of providing homes for outright sale, shared ownership and deferred sale. By 2024, we also have plans to build 3,300 new homes, investing over £1bn in improving our services, tenants’ homes and their neighbourhoods.
Environmental, social and governance report
Performance at a glance
- Thirteen completed 327 homes, (314 of which were affordable) to the third quarter of 2021/22 (2021 Q3: 188). 470 homes, including 452 affordable homes, are forecast to be delivered by the year-end
- Turnover for the year to-date was £145.0m (2021 Q3: £131.8m)
- Operating surplus for the year to-date was £42.5m (2021 Q3: £29.9m)
- The surplus for the year to-date was £32.3m (2021 Q3: £19.6m)
- Thirteen benefits from a very strong liquidity position with sufficient cash and committed debt facilities to cover the next 44 months financing requirement.
Thirteen is performing well operationally and financially so far in 2021/22, achieving an operating surplus of £42.5m against a target of £31.9m. Performance is anticipated to remain strong for the last quarter with a forecast year-end operating surplus of £47.4m.
All VFM metrics are on target or within tolerances, apart from reinvestment percentage and new social housing supply delivered, which are both lower than target due to lower development expenditure.
Gearing and EBITDA MRI remain within our Golden Rule parameters, and EBITDA margin is 29.6%.
Thirteen was appointed as a strategic partner to Homes England under the second wave of funding, which will enable us to provide a total of 6,100 homes over the next seven years as part of Thirteen’s strategic plan. During 2021/22 we are forecasting completion of 470 new homes, of which 452 (96%) will be affordable homes. We have invested £40.6m so far this year in developing new homes.
The team has already commenced delivery of our initial five-year strategic partnership with Homes England, delivering 1,000 new affordable homes for rent and shared ownership with a £40m funding allocation. As part of this programme, the team has focussed on acquiring sites within the Tees Valley and North Yorkshire.
Outside of the Homes England-funded programmes, we continue to strengthen our links with national housing developers and are able to deliver affordable homes on larger sites within the area. These links have strengthened our pipeline of development opportunities which continues to grow as we look to explore not only in our core areas in Teesside but further afield too. Our acquisition of over 1,000 homes in Middlesbrough and Hull in July 2021 has given us the opportunity to grow our geographic reach and expand further into Yorkshire.
Housing fixed assets stand at £1.15bn which has increased from £1.07bn at the start of the year. Outstanding debt is £335.4m and available cash and committed liquidity facilities are £222.2m at the end of the quarter.