TIDM87ZW
RNS Number : 8290X
Flagship Finance PLC
01 September 2022
RNS
1 September 2022
Flagship trading update and audited financial statements for the
year ended 31 March 2022
Flagship Housing Group Limited ('Flagship') the parent company
of Flagship Finance Plc and a Registered Provider of Social Housing
that owns and manages 32,192 homes in the East of England,
announces its trading highlights and summary of audited financial
results for the 2021/22 financial year.
Flagship headline results and highlights:
-- Owns and manages 32,192 homes (31,782 as of 31 March 2021)
-- G1 / V1 rating from the Regulator of Social Housing - last IDA completed 28 October 2020
-- Maintained credit rating of A2 (Stable) from Moody's
-- Financial performance remains robust with annual turnover
increasing by 15.9% to GBP231.9m (2021: GBP200.2m)
-- Annual operating surpluses increased by 19.9% to GBP83.3m (2021: GBP69.5m)
-- Delivered an operating margin, including gains on disposal, of 35.9% (2021: 34.7%).
Full year results demonstrate strong financial performance and
commitment to sustainability
Our people, business operations and operating performance has
been impacted by the on-going repercussions of the global pandemic,
and latterly by the geo-political instability. We have navigated
the uncertainties and risks with a determined focus on keeping our
staff, customers and tenants safe.
Alongside the financial statements, we have also published our
'Use of Proceeds Report' detailing how the funds raised under our
Sustainable Finance Framework have been used.
Both documents are available on our website:
www.flagship-group.co.uk/about-us/investors-hub/
David Armstrong, Chief Financial Officer at Flagship, said:
Despite the challenges faced over the last 12 months, I have been
overwhelmed by the resilience of our operating model and the
commitment of our people, our executive team and our Board of
Directors, which is undoubtedly reflected in our financial
performance. We have started talks with bpha and Futures Housing
Group to explore how we could partner to combine our expertise and
capability to enhance the provision of housing and help make a
difference for more people in need.
Development Review
Building new homes and improving our existing homes is an
integral part of achieving our business plan and delivering our
social purpose.
During 2021/22 we built 655 new homes across Norfolk, Suffolk,
Cambridgeshire and Essex. 447 were for affordable rent, 110 shared
ownership, 7 shared equity and 91 open market sale.
95% of the new homes we delivered during the year were built to
an EPC B (SAP 81-91) standard. The homes that we are building on
our own land are being designed and built to SAP rating of 86+ (EPC
B) and are sufficient to meet the 2050 net zero carbon emission
targets. Future-proofing these properties today, and building
renewable technology into their fabric, means that we do not have
to retrofit them in the future, reducing the overall cost of
investment required in each property.
Carbon zero
We have increased our property investment spend in our long-term
business plan. We are finalising our carbon net zero strategy,
progressing with our estate regeneration plans and have reviewed
our baseline energy performance standard for our new build homes.
Our primary aim being to increase the efficiency of new build homes
today to reduce the requirement for expensive retrofit in the
future.
ESG
Our Environmental, Social and Governance (ESG) report gives us
the opportunity to showcase the positive impact of our work. We
have an ambitious programme to deliver new affordable homes over
the next five years and we want to build them to high environmental
standards. We know that a decent safe home has a positive impact on
our tenants' quality of life. We're committed to tackling the
environmental agenda and have plans to retrofit c.2,000 of our
existing homes every year through a fabric-first programme -
focusing on thermal improvements, digital heating controls and
installing renewable heating technology.
Enquiries
All enquiries in relation to this trading update should be
directed to:
Jonathan McManus, Group Director (Finance)
Tel: 0845 258 6219
email: treasury@flagship-group.co.uk
Disclaimer
The information in this announcement of results has been
prepared by Flagship Housing Group Limited and is for information
purposes only. The announcement should not be construed as an offer
or solicitation to buy or sell any securities issued by Flagship
Finance Plc or any other member of the Group, or any interest in
such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
This announcement contains certain forward-looking statements
reflecting, among other things, our current views on markets,
activities and prospects. By their nature, forward looking
statements involve a number of risks, uncertainties or assumptions
that could cause actual results to differ materially from those
expressed or implied by those statements. Actual and audited
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. Financial results quoted are audited. We do not
undertake to update or revise such public statements as our
expectations change in response to events. Accordingly, undue
reliance should not be placed on forward looking statements.
E N D S
Issuing entity: Flagship Finance plc
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