Association says merger will unlock £1.9bn of extra capacity for investment
Bromford Flagship has reported higher completions in its half-year trading update.
The 82,000-home landlord, in an unaudited update, said it completed 765 homes in the six months to 30 September, up from 609 in the same period last year.
The group increased its half-year turnover by 4.6%, from £304m to £318m, while its overall operating margin rose from 30% to 31%. The group’s pre-tax surplus remained at £68m.
The group, which was formed through a merger of Bromford and Flagship in February, is aiming to build 2,000 homes a year in the long term. Last year the two organisations combined completed 1,770 homes.
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Robert Nettleton, chief executive of Bromford Flagship, said: “We’ve now completed the legal and technical steps to unlock £1.9 billion in additional investment capacity over the next 15 years through the Bromford Flagship merger, strengthening our ability to deliver at scale and at pace.
“This will enable us to deliver up to 7,000 additional new affordable homes, accelerate regeneration, expand our place-based model and begin to establish a sector-leading research and innovation capability.”
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