News

Flagship Group today announces a strong performance for the 2023-24 financial year (FY24), marked by significant achievements across various business areas. The Group continues to prioritise improving services for its tenants and enhancing the impact it has on communities.

Tenant satisfaction remains a focus for the Group, with overall customer satisfaction at 81% for the year, which is broadly comparable with FY23. Flagship’s subsidiary, Gasway, also maintained high customer satisfaction with a first-time fix rate of 85%.

Flagship’s commitment to quality is evident as 99.8% of homes now meet the decent homes standard, c.60% of homes are EPC C or above and over 75% have stock condition surveys less than five years old. The Group is targeting a five-year validated stock condition survey for 80% of our homes by 2025 and aims to have all homes at EPC C by 2030.

The Group’s charity, Hopestead, has made a remarkable impact by assisting 199 households with white goods, providing flooring to 160 homes, and awarding £166,000 in grants to support over 15,000 individuals.

Throughout the year, the Group let 2,384 affordable homes and reduced void loss to 0.9%. Additionally, rent arrears decreased to 3.45%, well below the 2023 sector average of 5.3%.

Flagship delivered 694 new affordable homes during the year, up from 634 homes in the previous year, demonstrating our commitment to solving the housing crisis.

Digital transformation has also been a focus for the Group, with the completion of phase one of its improved repairs scheduling platform and significant progress has been made on a new customer portal, CRM (customer relationship management), and compliance system.

Flagship’s RNS (Regulatory News Services) announcement is available here https://www.londonstockexchange.com/news-article/87ZW/unaudited-trading-update-y-e-31-march-2024/16493311

Jonathan McManus, Flagship Group’s chief financial officer (CFO), 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.

"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."