L&Q warns surplus will be lower than expectations

By Joey Gardiner2023-02-10T09:57:00

Housing association giant says it has faced ‘material challenges’ in first nine months of financial year

Housing association giant L&Q has warned its forecast surplus for the financial year will be lower than expected after reporting “material challenges” in the first nine months of trading to December.

The 121,000-home social landlord said it now expected to report a surplus for the year to March of between £240-£260m, £20m lower than previously predicted. It said it had also slightly reduced its expectations for the ratio of its operating income to its interest payments on debts – known as Ebitda interest cover – a key metric of financial soundness.

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