News

Today Flagship announces our audited financial statements for the fiscal year ending on March 31, 2023. We’re also marking a significant development with the appointment of Jonathan McManus as Chief Financial Officer (CFO), effective October 1, 2023.

 

Appointment of Chief Financial Officer
Flagship is pleased to announce the appointment of Jonathan McManus as Chief Financial Officer. Jonathan brings an impressive track record, having served as the Group's Finance Director for seven years, and since December 1 he has held the position of Interim CFO. Jonathan is a member of the Chartered Global Management Accountants and possesses extensive financial expertise that will be invaluable to Flagship's executive team.

 

David McQuade, Chief Executive, said: "After a rigorous selection process, the Board is delighted that Jonathan McManus will be assuming the role of Chief Financial Officer. His experience and commitment to our company's success render him a valuable addition to our Executive team."

 

Flagship's Financial Highlights
Flagship Group's financial performance for the year ending March 31, 2023 showcases our resilience and commitment to our purpose of providing homes and creating sustainable communities. Key highlights from the financial statements include:

• Construction of 750 new homes, comprising 451 affordable rent, 181 shared ownership, 2 shared equity, and 116 open market sales.
• Annual turnover increased by an impressive 7.9% to £250.2 million, compared to £231.9 million in 2022.
• An investment of £89 million in home maintenance and improvements, demonstrating a reinvestment percentage of 8.6%.
• Annual operating surpluses of £79.6 million.
• An operating margin, including gains on disposal, at 31.8%.
• Improved performance in arrears and void loss.
• A credit rating of A2 (Negative) from Moody's and a G2 / V2 rating from the Regulator of Social Housing, following the last In-Depth Assessment in April 2023.

The full statements are available to read on our website here.

We acknowledge the challenges faced by the sector in the past year, including rising energy costs, the cost-of-living crisis, inflation, supply chain disruptions, and labour shortages. Despite these uncertainties, Flagship remains financially viable, enabling our Board to make crucial decisions to invest in assets, reduce outstanding repairs, and address issues like damp and mould.

Jonathan McManus, Interim Chief Financial Officer at Flagship, said: "Our focus has been on maintaining and improving compliant high-quality affordable homes despite the challenging economic trading environment. We have continued to deliver a strong set of financial results which underpins our healthy liquidity position.

 

We are pleased that we have remained compliant with the Regulator’s Governance and Financial Viability standards following our recent In-Depth Assessment in April 2023. We now have the opportunity to formulate a comprehensive action plan working with the regulator, our people, our tenants and our Board of Directors to further strengthen our governance arrangements as we strive to return to G1 and V1 in the future.

 

58.9% (2022: 56.6%) of our homes meet EPC-C and we remain on track for all homes to be at EPC-C or above by 2030. We have set ourselves an ambitious goal to be a net zero Flagship by 2050. Our action plan which includes building new homes to SAP 86+, significant retrofit programmes, landfill waste reduction, an all-electric car fleet and a new Environmental Management System will help guide us toward that goal.

 

In the fiscal year 2023, Flagship built 750 new homes, with a strong focus on energy efficiency to meet future net-zero emission targets.

 

Flagship also remains dedicated to eradicating damp and mould in our homes, introducing a range of initiatives and collaborating closely with tenants and partners to ensure safe and healthy living conditions.

 

For further information, please get in touch via commsteam@flagship-group.co.uk