A strong financial performance for bpha

bpha delivered a strong financial performance and increased its overall surplus (before the fair value movement of bpha’s financial instruments) by 12% to £28m.

The core housing business continued its stable performance, delivering an operating surplus of £46.9m. The development and sales operation showed an expected rebound and reported a £19.1m increase in turnover compared to last year resulting in a record high of £59.0m


  • Core Operating Margin of 42(2021: 43%)
  • Operating surplus grew to £62m (2021: £60m)
  • £35m Invested in maintaining and improving existing homes (2021: £26m)
  • £50m Invested in new homes (Sept 2021: £38m).



During the year, this excellent performance has contributed to an improvement in our credit rating outlook from negative to stable, and our financial viability rating improved to V1.


CFO, Julian Pearce, said


“I am delighted with the strong performance for the year which saw bpha’s credit rating improve to A+(Stable) and I am pleased with the Regulators decision to rerate us back to V1, the highest financial viability rating.

“Whilst the economic environment is set to become ever more challenging, bpha is well placed to manage these conditions due to its financial resilience.”