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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.

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.

Orbit Statement

I am writing to advise you that Suzanne Forster has stepped down from her role as Group Finance Director to work on new opportunities.

Suzanne joined the organisation in August 2015 and has led the Finance team through some challenging and exciting times.  She has contributed to drive our 2020 objectives, and also been instrumental in looking beyond our 2020 vision.

I would like to thank Suzanne for all of the efforts, and I am sure you will join me in wishing her all the best for the future.

Mark Hoyland, chief executive

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)

Corporate reports

Watch a short video on Orbit’s 2020 journey so far (2013-15):

If you would like to know more about the regulatory regime that applies to housing associations you can look at the information provided on the HCA website

Future Plans

In 2013 we launched our 2020 Vision and set nine ambitious targets to deliver over a seven-year planning cycle. We have now completed the first phase of this plan focused on ‘Creating the Platform’ 2013-15. Our focus in 2015-17 will be on ‘Delivery & Growth’ by providing quality services to our 100,000 customers and delivering 3,000 affordable new homes.

In a challenging and dynamic operating environment our Board and Executive Team (ET) has identified four strategic priorities for the year, find out what these are in the Group Business Plan - View the Orbit Group 2014-15 Business Plan. Read our 2020 Vision and Outcomes document.

Investor Contacts

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

Jonathan Wallbank - Treasury Director

Email -

Operating Environment

Environmental Analysis – August 2015

Political parties


  • The first all Conservative Budget for almost 20 years delivered in July contained some significant changes for the sector, notably the 1% reduction in rents over the next 4 years; implementation of ‘Pay to Stay’; and confirmation that Right-to-Buy would be rolled out in some form; along with more detail of where the benefit cuts would fall.  
  • A recent article published in 'The Times', penned by David Cameron and George Osborne, reaffirmed the Government's vision for housing and reiterated its Right-to-Buy agenda. The article was robust in tone, effectively telling  the sector that it is either for or against the Government's agenda, without leaving much room for manoeuvre. The Conservative Party sees social housing not as an end in itself, but as a stepping stone towards homeownership – all tenures effectively being a route to ownership.
  • The Conservative Party Conference takes place from the 4th-7th October in Manchester


  • Voting is underway to elect the new Labour leader. Ballots close on 10th September with an announcement due on the 12th. Latest polls place Jeremy Corbyn ahead of the other contenders - Yvette Cooper, Andy Burnham, and Liz Kendall. Corbyn’s left-wing populism has hit a nerve with the young and those disenfranchised with politics. He has been accused by his critics of ‘Alice in Wonderland Politics’, taking the Labour party back to the early-1980s and into electoral oblivion. 
  • If successful the left-wing MP for Islington North is expected to be forthright in setting out how Labour would tackle the housing crisis, which is a key part of his vision for 2020. Corbyn’s  housing policies align with the ‘wish-list’ of almost anyone hit by the housing crisis: lift the housing revenue account cap to allow councils to build social housing;  longer tenancies; private landlord registration; rent regulation, with private rents linked to average local earnings. 

Liberal Democrats

  • Tim Farron, MP for Westmoreland & Lonsdale, and former President of the Liberal Democrats was elected as Leader of the party on 16th July 2015.

Government Departments


  • The Communities and Local Government Committee is holding an inquiry into the viability and sustainability of housing associations. This inquiry looks at the proposed extension of Right-to-Buy and how this and a number of other Government measures may impact on the ability of housing associations to build and develop. We have submitted evidence as part of this inquiry.  
  • The Government has launched a‘10 point plan for boosting productivity in rural areas’ which includes steps to making it easier to allocate land for new homes. This links with the earlier pledge to provide 200,000 ‘Starter Homes’  to be offered at 20% discount to first-time buyers by 2020.


  • The HCA’s latest quarterly survey shows the sector as a whole remains financially strong with access to sufficient finance. New finance continues to be raised through both capital markets and bank loans and the sector remains attractive to lenders. 
  • Its latest housing market bulletin  confirms national average house prices are increasing at a slower rate than this time last year, but nevertheless price rises remain strong. House building starts in England show a 14% decrease compared to the previous quarter, with a 6% decrease compared to the same quarter last year.

Sector Bodies


  • Terrie Alafat, Chief Executive of the Chartered Institute of Housing, said in response to the Summer Budget: “We support the government’s ambition of building more homes and helping people realise their aspirations of home ownership and work – but not at any price.”


  • The NHF is in talks with the Government to secure greater flexibility under the Right to Buy extension to housing associations. It is understood this could involve a plan under which associations pledge to build more low-cost homeownership properties in return for Right-to-Buy being adopted voluntarily.
  • In conjunction with the Centre for Economic and Social Inclusion, it has published a report called 'Worklessness, welfare and social housing' (read the executive summary or the full report), which discussed  the characteristics of residents, the barriers they face to accessing the labour market and the kinds of initiatives which work in supporting them. The report suggests a new partnership between Government and housing associations to support tenants in finding jobs.

Think Tanks and Research 

  • The G15 have published the second years findings from a three-year longitudinal study ‘Real London Lives’ being conducted with the Centre for Housing Policy at the University of York. One of the stark findings is that 16% of housing association residents in London were so financially stretched in 2014, they had used a foodbank, pawnbroker, payday loan company or rent-to-own shop during the last year.  
  • The Institute for Fiscal Studieshas published a report entitled ‘Living Standards, Poverty and Inequality in the UK: 2015’, which highlights that two- thirds of children in poverty live in working families.
  • ResPublica, in partnership with GallifordTry, Peabody, Places for People and Trowers & Hamlins, has set out a radical vision of double devolution to tackle the housing crisis. It argues that the only way to plug the shortage of affordable housing is through the creation of Local Place Partnerships – that devolve housing to people and places. It advocates that the HCA should transfer surplus public sector land directly to these Partnerships to ensure swift release and efficient use.
  • The International Longevity Centre UK has published research showing the benefits of Extra Care schemes. It demonstrates that this type of provision promotes greater independence and provides greater choice in planning for later life than, helps reduce social isolation, and improves quality of life. 
  • Data from the government’s English Housing Survey shows the private rented sector (PRS) continue to surge ahead of social housing. At the end of 2013/14 there were 4.4m households in PRS, compared to 3.9m in social housing.  
  • PWC call on Housing Associations, to reflect on their vision and purpose, and review how successfully they are delivering for their customers. In their talking Points publication they say the sector needs to harness the potential of digital, data, leadership, culture and innovation. Structural change - consolidation, acquisition, divestment and shared services will also be key for delivering a strong vision.
  •  Age UK has published a report looking at the impact of the Budget on the older population. This report indicates the Budget has done little to close the gap between the most affluent and poorest pensioners. It suggests that pensioners are missing out on around £3.9bn worth of benefits, with over a million in the 65+ age band still in employment.

Economy and Housing Market 

  • The UK's inflation rate turned positive in July, with the Consumer Prices Index measure rising to 0.1% from June's 0%.The OBR now expects GDP growth in 2015 to be down to 2.4 %, reflecting the weaker than-expected start to the year. 
  • The latest OBR Fiscal outlook published in July states that the Summer Budget loosened the squeeze on public services spending, this being financed by welfare cuts, net tax increases and three years of higher government borrowing. The Government has delayed the expected return to a budget surplus by a year to 2019-20, but is aiming for a slightly bigger surplus in the medium term. 
  • Unemployment totals have risen for the first time in two years according to the Office for National Statistics (ONS), which has reported 5.6% unemployment in the March to May period, compared to 5.5% reported in the last quarter. The ONS data shows that pay is picking up, with average weekly earnings (including bonuses) having risen  at an annual pace of 3.2% in the latest three-month period, the fastest rate in five years.
  • The author of Moodys, recent report "2015 Outlook Update - English Housing Associations: Sector Outlook Turns Negative Due to Adverse Policy Decisions said ".The cumulative impact of recent changes in Government policy have created a more difficult operating environment for housing associations. The sector's overall credit profile could deteriorate if housing associations are unable to maintain their current financial projections."
  • It is likely that the UK interest rates rise could be delayed until autumn 2016, according to City expectations, as market turmoil in China raises the prospect of historically low borrowing costs staying in place for longer than expected. The British Bankers Association (BBA) have said the number of people moving to fix their loans at low rates was at its highest level for four years. It followed Bank of England governor Mark Carney’s indication in mid-July that the Bank could raise interest rates early next year. 
  • UK house prices rose by 3.2% year-on-year in August, according to the latest survey from mortgage provider Nationwide. This is the weakest annual pace since June 2013, and marks a slight slowdown from July.

Welfare Reform

  • The Welfare Reform and Work Bill was introduced in the House of Commons on 9 July 2015. It has received its second reading and is currently being scrutinised by the Public Bill Committee. The NHF is preparing to submit evidence on behalf of the sector which will call for exemptions to the proposed reduction in social housing rents and will look to mitigate the severest impacts of a reduced benefit cap. 
  • A separate update has been provided for the Board which assesses the impact of proposals set out in this Bill.
  • Iain Duncan Smith has announced that the government is planning to make changes to the sickness benefit rules to encourage more people into work. Instead of classifying claimants as either fit or unfit for work, they should be supported to take up any work they can, even if it is just a few hours.
  • The number of people being evicted from rented homes has increased by around 50% since housing benefit cuts were introduced four years ago. Data from the Ministry of Justice show 10,361 households in England and Wales were repossessed between April and June this year – equivalent to more than 23,000 people.