Third-quarter affordable completions increase 31% at Flagship

Arrears percentage remains steady year on year, and void loss is at its lowest point since before the pandemic, the 32,000-home landlord added.

Gearing fell slightly to 43%, from 44% in 2022-23.

Jonathan McManus, chief financial officer at Flagship, said: “We continue to deliver strong financial performance in line with our budget and longer-term business plan.”

So far this financial year, Flagship has invested £74m in its existing stock and £90m into building new homes, he added.

Mr McManus continued: “Our arrears have continued to reduce since 2021, despite cost of living pressure on our tenants. This is primarily due to our data-driven approach that empowers us to identify trends at an early stage, allowing us to offer a supportive response to those in arrears.

“Additionally, by proactively engaging with new tenants from the outset, we’ve been able to help them thrive in their tenancies.

“We have our lowest level of voids since before the pandemic, and have confidence in our long-term investment plans, following the completion of our programme to enhance our stock-condition survey position. We also believe that our tenant satisfaction scores are competitive against our peers.”

In December, Flagship reported a rise of over £7m in operating profit, thanks to a number of asset disposals and gain on joint ventures.