Connexus ‘building momentum’ with investment and modernisation drive
Connexus has published its Annual Report and Financial Statements for 2024/25.
2024/25 saw the establishment of a new executive leadership team and the launch of a refreshed corporate plan, which aims to improve its efficiency, simplify organisational structures, and create more efficient ways working.
Kate Smith, Chief Executive said: “We are building momentum across Connexus. With the business under new leadership and with a real collective appetite for change, we have worked hard to begin a programme of modernisation, which will see Connexus better able to deliver for our customers.
“This includes a more outward facing collaborative approach, working with our stakeholders and partners to build stronger ties with our customers and the rural communities we serve.”
Despite challenging conditions, Connexus strengthened its financial capacity through a £60 million private placement and £40 million from the Affordable Homes Guarantee Scheme.
James Taylor, Finance Director, said: “In a challenging financial climate, Connexus has performed well, improving underlying performance against the backdrop of sustained cost inflation. The modernisation changes that the new leadership team have driven, including improving performance and efficiency across the group, serve to improve the outlook of the future financial performance. Our financial position means we can continue to invest significantly in both new and existing homes while meeting our long-term financial commitments.”
In 2024/25 Connexus invested over £25 million in developing new rural affordable housing across the West Midlands and more than £22 million in improving existing homes to modern standards. Refurbishment work is helping to improve energy efficiency, with properties renovated under the organisation’s major improvement programme now achieving EPC level C energy performance, lowering bills for customers.
Performance against the housing regulator’s Tenant Satisfaction Measures showed overall satisfaction with services at 76.8% – around 5% above the sector median. Satisfaction that homes were safe was reported at 84.6%.
Connexus G1/V2 rating from the Regulator of Social Housing remained unchanged, reflecting strong governance practice and a viable financial position.
The Annual Report and Financial Statements 2024/25 cover the reporting period 1 April 2024 to 31 March 2025.