Housing association has spent over 拢200m on issue in past four years
Peabody spent more than 拢60m last year on fire safety work, bringing the total amount it has forked out on remediation in the past two years to more than 拢120m.
The housing association said the 拢64m it shelled out was for remediation work and follows the 拢66m it spent in the year to March 2023 on building and fire safety work.
In 2021 and 2022, the group spent a combined 拢73m on fire safety work.
In a trading update for the year to March 2024, the firm added: 鈥淲e also spent 拢175m on planned maintenance and responsive repairs. This reflects our continuing priority of getting the basics right and making residents鈥� homes better places to live.鈥�
The update also said it completed 1,381 new homes in the last 12 months.
The housing association invested 拢533m in new homes over the period, making 1,157 new starts on site.
According to the update, issued ahead of its annual report later this year, turnover for 2023/24 was 拢992m, with 拢855m coming from core operations including 拢774m from social housing lettings.
Peabody said its operating margin was set to be at a similar level to last year (23%), despite 鈥渟ignificant cost pressures鈥�.
Ian McDermott, Peabody chief executive, said: 鈥淭his has been a year of good progress, but we know there is much work to do. We鈥檙e transforming our services and investing in homes and sustainable places for the long-term.鈥�
This is Peabody鈥檚 second year of trading incorporating Catalyst Housing and its subsidiaries as part of the group.
Peabody said it will release its annual report later this year.
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