05/08/2025
Bromford Flagship reports strong financial performance for the year ending 31 March 2025
Bromford Flagship has released its audited financial results for the year ending 31 March 2025, demonstrating its robust financial capacity to deliver 30,000 homes by 2040, and lead place-based transformation.
This year, we invested more in both our existing homes and future pipeline. *Customer satisfaction is in the sector’s top quartile and colleague turnover has reduced.
Additionally, net surplus rose by £11m, operating margins improved and *EBITDA MRI interest cover remained stable. We also secured over £350m in new funding, backed by our A2/A+ stable credit ratings.
Key highlights include:
- *Customer satisfaction at 80%: top quartile when compared to the rest of the housing sector
- 1,770 new homes, 1,698 affordable and 519 being for social rent
- *Net surplus was £136m, an increase of £11m from last year
- Increased operating margin (excluding sales) of 30% (2024: 29%)
- Increased social housing operating margin of 33% (2024: 32%)
- Invested £134m (2024: £114) in upgrading our existing homes
- £359m (2024: £355m) invested in our pipeline of new homes
- *EBITDA MRI interest cover remained broadly stable at 1.62x (2024: 1.67x)
- £350m of new funding transactions secured, ending the year with £949m in cash and facilities immediately available
- 79% of homes now meet EPC C or above, improving comfort for thousands of customers
- A2/A+ Moody’s and S&P credit ratings
- Colleague turnover reduced by 4.2% with 77% of colleagues saying Bromford Flagship is a great place to work
With strong liquidity, stable credit ratings and a commitment of £8bn investment over the next decade, these financial results reflect Bromford Flagship’s capacity to lead delivery at pace. They position us to support the national ambition to build 1.5 million homes, not just through new supply, but by unlocking regeneration and regional growth.
Robert Nettleton, Chief Executive of Bromford Flagship, said: “We’re pleased to report a strong set of results for Bromford Flagship. As we look to the future, we remain absolutely focused on place. Our scale, financial strength and local presence give us a platform to lead at pace. But ultimately, it’s about enabling people to thrive.”
The financial statement for year ended 31 March 2025 is available here.
*All TSM performance is reported for low-cost rental accommodation (LCRA). The peer data is taken from the Housemark TSM financial year 2023-24 year-end results. Peer group consisted of 221 landlords choosing to submit year-end TSM results for the period April 2023 to March 2024.
*EBITDA MRI (earnings before interest, tax, depreciation and amortisation (major repairs included)
*£136m surplus is before actuarial losses relating to pension schemes.