14/05/2026
Bromford Flagship LiveWest releases trading update for year ending 31 March 2026
Bromford Flagship LiveWest (BFL) has released its trading update for the year ending 31 March 2026, demonstrating its growing capacity to deliver new homes at scale while continuing to invest in existing homes, services and places.
These are the first full-year results published as BFL following the January 2026 merger between Bromford Flagship and LiveWest, which unlocked an additional £1.5bn of investment capacity, taking BFL’s total to £3.4bn over the next 15 years.
Customer satisfaction (as measured by the Regulator’s Tenant Satisfaction Measures (TSMs), improved 2% to *84% during the year, reflecting sustained investment in the provision of high-quality services, new and existing homes and the creation of places that enable people to thrive.
Jo Makinson, Chief Finance Officer of BFL (pictured, right), said: "This year's results demonstrate continued financial strength and resilience. We have delivered total turnover of close to £1bn, 82% of which came from our core business of social housing lettings, maintained stable operating margins (31% on social housing lettings and 28% overall) and an EBITDA MRI interest cover of 1.42 times, all while increasing capital deployment across both our existing homes and development pipeline.
“We secured £949m in new funding during the year and ended it with £1.6bn in available liquidity. In our view, this is key in a volatile operating environment and provides a stable platform from which to deliver our long-term plans. Our A2 (Stable) and A+ (Stable) credit ratings reflect the strength of our balance sheet and our disciplined approach to investment.
“Our financial position enables us to continue investing in new homes at scale, improving existing homes and maintaining the flexibility to respond to changing market conditions."
BFL’s performance in the year ended 31 March 2026 demonstrates a continued focus on customers and core purpose supported by sound financial management. Key highlights for the year include:
· Customer satisfaction at *84%
· 2,871 new homes delivered
· Operating margin (excluding sales) of 28% (2025: 27%)
· Social housing operating margin of 31% (2025: 31%)
· £163m invested in upgrading our existing homes
· £781m invested in our pipeline of new homes
· 83% of homes now EPC C or above
Read our trading update for the year ended 31 March 2026
Note:
*All TSM performance is reported for low cost rental accommodation (LCRA). The 2025-26 figures are indicative. The combined results for BFL in 2025-26 and 2024-25 have been calculated as weighted averages based on the LCRA tenant populations. The peer data is taken from the Tenant Satisfaction Measures 2024-25: Headline Report published by the Regulator of Social Housing in November 2025 which analysed TSM results for large registered landlords with 1,000 or more homes.