Firm increases spend on improving existing stock by 9%

Flagship Housing Group has reported a 43% increase in its affordable housing delivery for the first half of the financial year.


The Norwich-based association, in a trading update last month, said it delivered 270 affordable homes in the six months to 30 September, up on the 188 delivered in the same period last year.

The increase comes despite Flagship, which completed 750 homes last year, pledging to cut its new build to 600 units in 2023/24 and then to 500 a year after as it diverts spend to improving existing homes.

The 33,000-home association reported a 9.3% increase in its operating surplus, which excludes one-off items, from £42.8m to £46.8m, while its revenue increased marginally from £127m to £128.5m.

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.

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“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.”