12/11/2025
Trading update reveals Bromford Flagship’s healthy financial performance for first six months of 2025-26
Bromford Flagship has today announced a strong performance for the first six months of the year as it steps up its investment in new and existing homes.
The 82,000 home housing group saw turnover rise to £318 million (2024: £304 million), while turnover from social housing lettings rose to £262 million (2024: £248 million). Overall operating margin (excluding asset sales) increased to 31% (2024: 30%), while social housing operating margin rose to 34% (2024: 33%).
Other highlights from our mid-year trading update included:
- 84% customer satisfaction
- £54 million invested in existing homes
- 765 new homes completed, including 735 affordable homes, of which 182 were for social rent and 299 for affordable rent
- post-tax surplus £68 million (2024: £68 million)
- EBITDA MRI interest cover of 1.59x (2024: 1.62x)
- liquidity ratio: 2.0x
- first £300 million bond issued under new EMTN programme
- A2/A+ Moody’s and S&P credit ratings maintained
- 81% homes rated EPC C or above
This is our first mid-year trading update since the merger between Bromford and Flagship completed on 28 February 2025. The combined organisation has the financial strength to support our long-term ambition to deliver 2,000 homes each year, targeting half at social rent.
Chief Executive Robert Nettleton said: “We’ve now completed the legal and technical steps to unlock £1.9 billion in additional investment capacity over the next 15 years through the Bromford Flagship merger, strengthening our ability to deliver at scale and at pace. This will enable us to deliver up to 7,000 additional new affordable homes, accelerate regeneration, expand our place-based model and begin to establish a sector-leading research and innovation capability.
“Over the past six months, we’ve deepened our focus on building places that enable people to thrive, investing in social and physical infrastructure as well as new homes. We are well-equipped to support the delivery of national priorities for social rent, regeneration and regional growth.”
Chief Finance Officer Paul Walsh added: “Our operating margins remain among the highest in the sector at 34% on social housing lettings and 31% overall (excluding asset sales). This is really positive when considering our continued focus on improving repairs performance, with outstanding jobs now at their lowest level in five years and customers seeing routine repairs completed more quickly.”
Overall customer satisfaction remains high at 84%, with a 90% satisfaction score from customers moving into new homes. Our customers are also among the most satisfied in the country with their home being safe (93%) and in thinking they are treated fairly and with respect (92%).
During the first six months of 2025-26 we completed 765 new homes, including 182 for social rent. Over the second half of the year we expect to complete a further 450 social rent homes, as we moves towards its target of building 2,000 homes a year, with half for social rent.
We now has more than 3,600 homes under construction over the next five year period. It’s in-house construction company, Bromford Developments Limited, which has already completed 60 homes this year, recently started work on its largest affordable housing site to date, which will provide 150 social rent and shared ownership homes.
Last month we announced that we had started discussions to merge with LiveWest to create an enlarged group that would unlock a further £1.5 billion of additional investment capacity over the next 15 years, enabling the enlarged group to deliver over 50,000 new homes across the south west, central and east of England.
Read Bromford Flagship's trading update for the six months to 30 September 2025