Catalyst Housing Limited Annual Report 2019/20

Catalyst Housing Limited today (30 September 2020) announces the publication of its financial statements for 2019/2020.

A copy of the financial statements has been filed with the National Storage Mechanism via the FCA Electronic Submission System.


On 1 May 2019, Catalyst completed the merger with Aldwyck Housing Group as planned and we now own or manage around 34,000 homes across London and the South East. Turnover increased to £286 million and we generated an operating surplus of £63 million.

Surplus before tax rose significantly from £30 million to £82 million. This includes one-off accounting adjustments due to the merger, as well as the impact of one-off fire safety costs. To provide readers of the accounts with a better understanding of the underlying position, the report also sets out an adjusted position. On that basis, adjusted surplus before tax has been calculated at £40m compared to £31 million in 2018/2019.

During the year, we took the opportunity to further strengthen our liquidity, issuing of £100m retained bonds and signing £125m of new facilities, including our first sustainability-linked loan. Shortly after the year end a tap issue of £150m was successfully completed. Gearing remains low at 42.3% (net of cash), and the book value of our housing properties now standing at £3bn.

As the newly merged Catalyst, we refreshed our corporate purpose, vision and values. Our purpose, Homes People Love, is at the heart of the corporate strategy to get closer to customers and deliver great services, build more quality homes, be safe and sustainable, revolutionise our data and technology, and invest in our people and culture. These strategies are underpinned by maintaining financial strength and resilience.

In an award-winning year, we also built 787 new homes, of which 76% were Affordable. We achieved recognition not only for our new development and regeneration schemes (such as the Evening Standard’s Best Affordable Homes award for our St Bernard’s Gate development in Hanwell and Best Housing Provider at the first Rainbow Honours Awards), but also for our positive role in the community (‘Corporate Partner of the Year’ at the EY Foundation Impact Awards).

In addition to Catalyst making £2.3 million of community investment in 2019/20, a new Community Investment Strategy was launched, ‘Empowering Communities and Creating Belonging’, based on extensive consultation with our customers and colleagues. In the year, we generated £1.2 million of societal benefits as calculated by the Housing Association Charitable Trust (HACT) social impact measurement tool, and achieved over 800 successful outcomes for our customers, including helping them secure an additional £2 million of income and moving into sustainable employment.

Ian McDermott, Chief Executive said, “This has been a year of integration and consolidation. Since Aldwyck joined Catalyst in May 2019 we have made a strong start in delivering on the promise, and promises, of a union between two like-minded and complementary organisations. We approach the year ahead and beyond with ambition and confidence”.

A copy of the financial statements has been filed with the National Storage Mechanism via the FCA Electronic Submission System.

This update may contain certain forward-looking statements reflecting, among other things, our current views on markets, activities and prospects. Actual outcomes may differ materially. Such statements are a correct reflection of our views only on the publication date and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared.

For further information, please contact: Michaela Booth on 0208 832 3394.