REG - Flagship Finance PLC - Flagship Group reports strong year of growth
05/09/2024 10:15
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240905:nRSE7525Ca&default-theme=true RNS Number : 7525C Flagship Finance PLC 05 September 2024 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 (https://www.flagship-group.co.uk/media/1rfn1dhl/ark3360-flagship-group-financial-statement-2024-fp-compressed.pdf) . Investors who would more information, please email treasury@flagship-group.co.uk (mailto:treasury@flagship-group.co.uk) . This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END UPDFLFVVAEIVIIS