East Anglian housing association also sees turnover and home completions rise year-on-year

Flagship Housing Group has reported an increase in net surplus and turnover. 

The 32,000-home housing association, based in East Anglia, today announced its unaudited trading results for the year to 31 March 2024. 

They showed 1% year-on-year turnover growth to £252.9m, as well as a jump in net profit for the year from £49m (FY23) to £61m. 

The group said it generated 72% of its income from social housing, up 5% on the year prior. 

It also reported a 19% increase in its operating surplus, which stood at £93.6m. 

A “one-off” building remediation provision of around £2m, relating to a property in Suffolk, is expected to be added to the performance figures once extensive surveys on the building are completed. 

Flagship delivered 694 new affordable homes in the year, up from 634 affordable homes in FY23. 

The association completed 750 homes overall in 2022. 

Jonathan McManus, Flagship Group’s chief financial officer, said: “We are immensely proud of our financial health and operational achievements this year. Our focus on efficiency and quality has paid off, and we continue to reinvest our profits to improve the lives of our tenants. 

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“We are grateful to our dedicated teams and partners who contributed to these achievements. As we look forward to the coming year, we remain committed to providing homes and creating sustainable communities. 

“We are focussed on improving our repair service performance to ensure that works are carried out in a timely manner, our tenants’ needs are met and our assets are maintained to high levels of safety and thermal comfort.” 

The group’s tenant satisfaction measure score ended the year at 72% overall satisfaction on its rented homes and 58% on shared ownership homes. 

At the year-end, Flagship held £40m in cash and possessed immediately available liquidity of £234m.