Flagship Group Reports Strong Financial Performance for the
Year Ending 31 March 2024
Flagship Group has released its
audited financial results for the year ending 31 March 2024,
demonstrating robust financial health and a continued focus on
operational efficiency and growth.
Some
key highlights:
· Liquidity
coverage over 180% at 31 March 2024
with £234m liquidity headroom. Subsequently increased to over 220%
in July 2024.
· Interest
cover (VFM definition)
increased to 136% from 132% in 2023, demonstrating financial
stability. Gearing fell
from 44.7% in FY23 to 43.8% in FY24 aligned to
expectation.
· A2
stable Moody's credit
rating retained.
· Over
£95m invested in
existing housing stock,
including £50m in capital improvements.
· 688
new affordable homes built
during the year, providing more housing options for local
communities.
· The
Group reported a Tenant
Satisfaction Measure (TSM) score of 71.9% for its rented
homes and 58.2% for its Shared Ownership homes, reflecting its
commitment to continuous improvement in customer
service.
· 62% of
the Group's homes are now rated EPC-C or above (up from 59% in
FY23), moving towards our sustainability target of all homes achieving this
standard by 2030, underscoring our commitment to environmental
sustainability.
· During
FY23 we reviewed and improved the process for returning void
properties back to rent. Consequently, we ended FY24 with
void loss at just 1.2%, and
on average 85 fewer homes void at the period end.
· Current tenant
arrears remained unchanged
year-on-year at 3.7%, testament to the management and interventions
of our housing teams in what remains a challenging economic climate
for our tenants.
· Staff turnover
is at its lowest level (excluding year of
pandemic) demonstrating that our people strategy makes Flagship a
desirable place to work.
Flagship Group remains focused on its
core strategy of providing affordable housing and creating
sustainable communities while enhancing its financial resilience.
With strong liquidity and a stable credit rating, the Group is
well-positioned to continue investing in new developments and
maintaining its existing portfolio.
The Group's management continues to
prioritise operational efficiency, customer satisfaction, and
sustainability as key drivers for growth in the coming
year.
The Group's financial statements for
year ended 31 March 2024 are available
here.
Investors who would more information,
please email treasury@flagship-group.co.uk.
