Flagship Finance PLC Trading Update (9006V)

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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 GBP128.5m (GBP127m for the 6 months to 30 September 2022); 
   --    Invested GBP46.8m (up from GBP42.8m in 2022) to deliver improvements to existing homes; 

-- Operating Profit (including asset disposals and gain on joint ventures) of GBP51.6m (40% margin), up from GBP44.1m 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 GBP28k per unit (30 September 2022: GBP29k);

   --    All financial covenants met; 
   --    Cash of GBP44m and additional undrawn facilities of GBP208m 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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December 06, 2023 06:34 ET (11:34 GMT)