Hedyn has reported a strong first year, with £105.2 million in turnover, 231 new homes completed and a development pipeline of more than 1,600 homes, as it publishes its first Annual Report and Financial Statements.
Formed in April 2025 following the merger of Newport City Homes and Melin Homes, Hedyn has brought together the strengths, expertise and resources of two established housing associations to create greater capacity to invest in homes, improve services and support communities across south-east Wales.
Our 2025-26 financial results show turnover of £105.2 million, an annual surplus of £8.7 million and total assets of more than £818 million, providing a solid financial foundation for future investment and growth.
We’ve also reported a reinvestment rate of 10.1%, reflecting our focus on maintaining and improving existing homes alongside delivering new housing.
The results follow Hedyn’s recent Green/Green regulatory judgement from the Welsh Government, recognising that we meet the regulatory standards for governance and financial viability.
Together, the financial results and regulatory judgement provide a strong platform for our ambitions to increase housing supply and deliver better outcomes for residents.
During the year, Hedyn completed 231 new homes, with a further 472 under construction and 1,634 in its development pipeline. The pipeline represents the equivalent of more than 11% of its existing housing portfolio, demonstrating the scale of its ambitions to help meet the growing demand for affordable homes across the region.
Beyond housing delivery, the report highlights progress in bringing together services, teams and digital systems to create a more joined-up and consistent experience for residents.
Through our Buzz and Consultative Panels, we’re involving residents earlier in decisions, using their feedback alongside better data and technology to improve services and get things right first time.
The report also demonstrates how our combined resources and partnerships are supporting wider social and economic opportunities in our communities.
During the year, more than £114,000 was reinvested in community benefits, while over £553,000 in funding was leveraged through partnerships to support initiatives shaped around local priorities.
In Newport, the first phase of the Ringland regeneration programme has delivered 38 new homes and 12 commercial units, helping to revitalise the neighbourhood. Working alongside Lovell, Newport City Council, Cardiff Capital Region and the Welsh Government, the wider programme is combining investment in housing with opportunities for local businesses and the community.
Elsewhere, a partnership with Reality Theatre has helped residents at Westgate Court, a scheme for older people, build confidence and connections through creative workshops, culminating in a performance they developed themselves.
Together, the projects demonstrate Hedyn’s approach to regeneration, recognising that investment in housing can create wider opportunities and lasting benefits for communities.
Paula Kennedy, Chief Executive of Hedyn, said:
“Bringing two organisations together was about becoming stronger, and building the financial resilience, expertise and capacity to achieve more for our residents and communities.
“One year on, we’re beginning to see the benefits of that decision. We’ve established strong financial foundations, delivered 231 new homes and have more than 1,600 in our development pipeline.
“But financial strength only matters if we put it to good use. For us, that means investing in homes people can afford, improving the services residents rely on and working with communities to create opportunities that make a lasting difference.
“Behind every new home is a family finding somewhere to build their future. Behind every investment in our communities is an opportunity for people to thrive.
“We’ve made important progress in our first year, but we know there’s more to do. We’re continuing to listen to residents, empower our colleagues and improve the way we work so we can deliver the reliable, personalised services people expect.
Our first year has been about laying strong foundations. Now we’re focused on what comes next, using our combined strengths to deliver more homes, better services and connected communities where everyone can live well.
Paula Kennedy Chief Executive of Hedyn
Looking ahead, Hedyn will continue to focus on increasing the supply of affordable homes, investing in existing properties and improving the services residents rely on.
With a substantial development programme, a focus on financial resilience and a commitment to working more efficiently and collaboratively, we’re looking ahead to the next phase of our growth.