Flagship Housing Group Limited
('Flagship'), the parent company of Flagship Finance Plc and a
Registered Provider of Social Housing that owns and manages 33,356
homes in the east of England, announces its unaudited trading
highlights for the year ended 31 March 2024 ('FY24').
FY24 has been a strong year which
some excellent highlights including:
·
Net profit for the year of £61m, up from £49m in
FY23;
·
Robust financial performance underpinned by 1%
year-on-year turnover growth to £252.9m (FY23: £250.2m) but with
social housing lettings income increasing by 5% to
c.72%;
·
Despite continued cost pressure during the year,
operating surplus up 19% to £93.6m;
·
Delivered an operating margin, including gain on
disposal, of c.37% (FY23: 32%);
·
Subject to completion of extensive internal and
external surveys we expect to need to increase our 'one-off'
provision for building remediation work at a property in Suffolk by
c.£2m, not yet included in the above performance
figures;
·
Delivered 694 new
affordable homes, up from 634 affordable homes in FY23;
·
Arrears finished the year at 3.5%, another
year-on-year improvement, and void loss was in line with our target
for the year of 0.9%;
·
Year-end cash of £40m and immediately available
liquidity of £234m;
·
Our Tenant Satisfaction Measure ('TSM') score
ended the year at 72% overall satisfaction on our rented homes and
58% on shared ownership homes;
·
Loan covenant position has substantially improved
year-on-year ending the year with c.£20m operating surplus headroom
on our tightest interest cover covenant; and
·
A2 (stable) credit rating.
Jonathan McManus, Flagship
Group's CFO, said: "We are immensely proud of
our financial health and operational achievements this year. Our
focus on efficiency and quality has paid off, and we continue to
reinvest our profits to improve the lives of our
tenants.
We
are grateful to our dedicated teams and partners who contributed to
these achievements. As we look forward to the coming year, we
remain committed to providing homes and creating sustainable
communities.
We
are focussed on improving our repair service performance to ensure
that works are carried out in a timely manner, our tenants' needs
are met and our assets are maintained to high levels of safety and
thermal comfort."
