Flagship reports 38% increase in turnover

Flagship Housing Group has reported a 38% increase in turnover

The 32,000-home housing association, which is based in East Anglia, in a short update today reported turnover of £189m for the nine months to 31 December, up from £137m the previous year.

The association said it generated 72% of its income from social housing, up from 65% year-on-year.

It also reported a 16% increase in operating surplus, which excludes certain one-off costs, from £64m to £74m.

The association also said it completed 465 homes for affordable tenures in the nine months, up 32% from 353 last year, but did not provide a figure for overall development.

The association completed 750 homes overall in 2022.

A spokesperson said the association continues to “track favourably against key financial performance metrics”.

Jonathan McManus, chief financial officer at Flagship said: “We continue to deliver strong financial performance in line with our budget and longer-term business plan. Our disciplined approach means that we can continue to invest in our properties and services to customers.

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“So far, this financial year, we’ve invested over £74m in our existing stock and more than £90m into building new homes. Our arrears have continued to reduce since 2021, despite cost-of-living pressure on our tenants.

“This is primarily due to our data-driven approach that empowers us to identify trends at an early stage, allowing us to offer a supportive response to those in arrears. Additionally, by proactively engaging with new tenants from the outset, we’ve been able to help them thrive in their tenancies.”