Fulfilling our vision
We exist to provide homes and create sustainable communities. We don’t simply want to make a difference to our tenants – we want to solve the housing crisis too. We know this requires more than just an increase in new affordable homes. That's why we're focused on investing in our existing assets, developing technologies, and using imaginative methods for service delivery.
Flagship Group delivers strong performance
Our trading update for the 9-month period to 31 December 2023. If you have any specific questions, please contact our investor relations team on IR@flagship-group.co.uk.
Headline results and key highlights
- Turnover of £189m year to date, of which £137m (72%) is turnover from social housing, up from 65% in 2022/23
- Operating margin (including asset disposals and gain on joint ventures) of 39% compared to 33% in 2022/23
- Operating surplus of £74m compared to £64m in 2022/23
- 465 new affordable homes delivered year to date compared to 353 in 2022/23
- Arrears percentage remains steady year-on-year and void loss is at lowest point since before the pandemic
- 60% of our homes are at EPC C or above
- Social lettings interest cover increased to 244% from 231% in 2022/23
- Gearing continues to fall, down to 43% from 44% in 2022/23
G2:V2 Gradings
Our Governance and Financial Viability status from the Regulator of Social Housing.
A2 Moody's Rating
Our strong performance is reflected both financially and through the services we provide. Moody’s has awarded us a credit rating of A2.
Key numbers
2022/23 summary
Turnover
£250.2m
(2021/22: £231.9m)
Borrowings
£917.1m
(2021/22: £940.3m)
Rent arrears
3.7%
(2021/22: 3.8%)
Cost per home
£4,207
(2021/22: £3,637)
Operating profit
£79.6m
(2021/22: £83.3m)
2022-2023
2021-2022
2020 - 2021
Our tax strategy
To find out more about our:
- Approach to governance and tax risk management arrangements
- Approach to and appetite for tax risk
- Approach to tax planning
- Approach to dealings with tax authorities
You can download the Flagship Group tax strategy below.
Environmental, Social & Governance
We cannot fulfil our vision of solving the housing crisis without being innovative and progressive. We’re passionate out providing high quality, affordable, safe, and sustainable homes. But we strive for more and want our tenants to live in successful, safe, inclusive and sustainable communities too.
Our environmental, social and governance (ESG) report showcases the positive impact of our work in improving the built and natural environment, reducing our carbon emissions, improving places, and making a positive impact on our tenants' quality of life.
As an early adopter of the Sustainability Reporting Standard for Social Housing, lenders and investors can easily see how we perform against 48 indicators on ESG issues. Our ESG framework makes it easier to identify ESG risks and pursue opportunities to create positive social and environmental outcomes.
For more information, please email: esg@flagship-group.co.uk
Social impact
We use our knowledge and expertise to work together to make a real difference to the lives of our tenants and their communities. Our social impact work focuses on solving the housing crisis by providing homes, creating sustainable communities, and ending homelessness.
We also support the local economy by providing opportunities for local people through employment, apprenticeships, and training.
We have over 32,000 homes across the East of England, working with 20 local authorities. Since 2020 we have invested £240m in building new homes, £89m in improving existing ones, and £103m in maintaining our homes to the standard we want for our tenants.
Get in touch
If you’re a potential investor who would you like to know more about Flagship, then please get in touch. We’re always happy to discuss opportunities with likeminded investors who want to help us fulfil our vision of solving the housing crisis.