Connexus publishes 2023/24 annual report and financial statements

Connexus has published its annual report and financial statements for 2023/24.  

The report shows Connexus in a solid financial position, despite stubbornly high inflation and rising costs, with turnover slightly increasing over the previous year and more money being invested into customer homes.     

In all Connexus spent £19.2m on repairs and maintenance work (£17.6m 2023). The increase was because of demand for repairs and maintenance work, and the continued impact of higher material and subcontractor costs, reflected across the social housing sector. More than 24,000 responsive repairs were successfully completed, alongside the installation of hundreds of energy-efficient heating systems, roofs, windows, doors and other improvements as part of planned maintenance programmes. 

When it came to new developments, over 150 affordable homes were built and acquired during in 2023/24, with a further 227 in progress at year end. 

Connexus also maintained its Moodys A3 credit rating and its existing G1\V2 ratings for governance and financial viability. 

Commenting in the report on her first full year as chair of the board at Connexus, Michele Ibbs, said it had been a “a year full of transition, change and overcoming challenges” with continued high inflation “meaning that our customers and colleagues are still stretched when it comes to affording everyday essentials.” 

New plans were placing “significant focus on delivering new energy efficient affordable housing, and bringing existing homes up to modern standards, which lowers energy bills,” Michele added.  

Kate Smith, chief executive at Connexus, said that during a challenging year the board had worked with the executive team to consolidate the focus of the organisation, and that it was committed to supporting customers through the cost-of-living crisis by working “in partnership with local agencies to signpost and assist customers.”  

She added that significant investment was still needed, with the organisation spending more on repairs and maintenance and adopting a regeneration led approach to make best use of the land and homes it already has.  

“We know we still need to focus on embedding major changes in our repairs service and make improvements to how we manage our existing assets, and that will be a big priority moving forwards.” 

During the year Connexus sadly lost two former board and committee members with the passing of Andrew Taylor and Maggie Punyer OBE.  

“We extend our heartfelt sympathies to family and friends; they will be remembered for the strong legacies they have left in our organisation and with fondness by everyone at Connexus,” Michele Ibbs said.  

You can read the Connexus Annual Report and Financial Statements 2023/24 in full on the documents page of this website