REG - Flagship Finance PLC - Trading Update

Brown & BrownAnnouncement

06/12/2023 12:45

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RNS Number : 9006V  Flagship Finance PLC  06 December 2023

Flagship Housing Group Limited (Flagship) trading update, covering the 6-month
period to 30 September 2023

 

Flagship, the parent company of Flagship Finance Plc and a Registered Provider
of Social Housing that owns and manages 32,873 homes in the east of England,
announces its unaudited trading highlights for the 6-month period to 30
September 2023.

 

Flagship headline unaudited results and highlights:

·    Owns and manage 32,873 homes (32,721 as at 31 March 2023);

·    Credit rating of A2 (stable) from Moody's confirmed in October 2023;

·    Delivered 270 new affordable homes (6 months to 30 September 2022:
188);

·    Turnover of £128.5m (£127m for the 6 months to 30 September 2022);

·    Invested £46.8m (up from £42.8m in 2022) to deliver improvements to
existing homes;

·    Operating Profit (including asset disposals and gain on joint
ventures) of £51.6m (40% margin), up from £44.1m for the 6 months to 30
September 2022 (35% margin);

·    Gearing has fallen to 43% (30 September 2022: 44%) and Debt per unit
has also reduced to £28k per unit (30 September 2022: £29k);

·    All financial covenants met;

·    Cash of £44m and additional undrawn facilities of £208m at 30
September 2023.

 

Message from Chief Financial Officer

Jonathan McManus, Chief Financial Officer at Flagship, said: "Despite the
challenging economic environment the business has increased its investment in
ensuring our customers live in decent, compliant, safe and warm homes as well
as delivering more new affordable homes.

The business has continued to deliver a really strong set of financial
results, with operating margins increasing year on year, and our debt metrics
have improved further. With our focus on maintaining a stable liquidity
position we remain in a strong position to deliver into the future.

We were also pleased to maintain our A2 credit rating with Moody's."

For more information, please contact:

Jonathan McManus, Chief Financial Officer, Flagship Group - 0845 258 6219

 

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