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Orbit Group is committed to its communities with 50 years’ experience in the housing sector. As one of the largest housing providers in the country, we manage over 40,000 homes across the midlands, east and south east. Our annual turnover is in excess of £300m and we are one of the largest developers in our sector with a programme of homes for social rent, affordable rent, shared ownership and market sale. 

We employ more than 1,200 people to deliver our mission of Building Communities and we achieve this by working together to improve the social, economic and environmental prospects of people and communities. This mission forms the basis of our 2020 Vision guided by our passions, principles and resources.

Homes & Communities Agency re-grade

The Homes and Communities Agency (HCA) has changed the way it categorises Housing Associations with to reflect the risks being managed by those businesses. In line with this announcement, Orbit’s viability rating has changed from a G1/V1 to a G1/V2.

This regrade more accurately reflects our commitment to tackle the housing crisis by leveraging our asset base to support our housebuilding programme. Most importantly we maintain our G1 rating, demonstrating our strong ability to manage our risks. V2 means that Orbit is fully compliant and this change will not affect our business plan.

29.11.2017

Orbit Announcement

Joy Baggaley has been appointed as Group Finance Director on an interim basis. Joy joins Orbit having most recently held the position of Chief Financial Officer at Riverside group, a 53,000 home housing association based in Liverpool. She brings a wealth of experience and a proven track record in leading complex and changing businesses to high levels of performance.

Moody's Report

[Update 27 September 2017]

On 22 September 2017, Moody’s Investors Service EMEA Limited (“Moody’s”) downgraded the UK’s long-term issuer rating to Aa2 from Aa1 and changed the outlook from negative to stable. Following the action on the sovereign rating, Moody’s Public Sector Europe has downgraded the rating for Orbit Group Limited to A2 from A1 and changed the outlook to stable from negative.

Orbit is rated towards the top of Moody's-rated English housing associations, whose ratings span from Aa3 to Baa1.

Credit Strengths 

  • Solid liquidity position backed by a sizable pool of unencumbered assets
  • Historically strong social housing lettings interest cover, albeit set to weaken
  • Strong regulatory framework

Credit Challenges

  • Recent and projected growth in debt levels
  • Ambitious development plan and high exposure to for-sale receipts
  • Exposure to collateral posting as a result of large standalone-swap portfolio
  • Government policy changes make operating environment more challenging
Grenfell Tower update

We can confirm all of our blocks meet current fire safety standards and regulations and all have valid, up-to-date Fire Risk Assessments (FRAs) in place. Please note all FRAs are completed by independent experts and not by internal teams at Orbit.

We have completed visits to all of our blocks, reassuring customers about fire safety.

All of our blocks are compliant with the DCLG requirements; we have been working closely with the DCLG, sharing information as required. Once the ‘Grenfell Tower Inquiry’ has taken place we will review the findings and take action where appropriate.

Financial Results

 

Please see our latest financial statements below for information on our financial performance across the Group. You can also explore archived statements for previous financial years here.

At Orbit we take Value for Money very seriously. You can find our Value for Money Self Assessments and our Value for Money framework here, explaining how we drive efficiency across Orbit: View Value For Money area

Orbit Information

Treasury Day November 2016, for more information click on the PDF documents below:

Explore the people that make up our the Group Board and Executive Team at Orbit:

Take a look at the view provided by our regulators in their viability review:

Read our regulators view

This report is an assessment of the financial viability of the Orbit Group, and of our compliance with the viability element of the Governance and Viability Standard.

This report is based on an assessment of our latest Business Plan and supporting Financial Forecast Return approved by the board in September 2013, responses to quarterly surveys (latest one December 2013), annual accounts and audit management letter for the period 31/03/2013 and other enquiries  made by the regulator in coming to their assessment.

Further information surrounding our governance and regulation:

Governance rating – G1. The provider meets the requirements on governance set out in the Governance and Financial Viability standard.

Viability Rating – V1. The provider meets the requirements on viability set out in the Governance and Financial Viability standard and has the capacity to mitigate its exposures effectively (issued March 2014)

Future Plans

Information around our business plan and all latest reports can be found here.

Investor Contacts

As a valued investor, your primary contacts can be found below:

Jonathan Wallbank - Treasury Director

Email - jonathan.wallbank@orbit.org.uk

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