bpha continues strong financial performance in 2021

bpha today (28 July 21) released its Financial Statements for the year ended 31 March 2021, reporting a continuation of its strong financial performance.


  • £60m operating surplus
  • Completion of 366 new affordable homes, despite pandemic restrictions
  • £26m investment in existing homes
  • Retaining A+ (negative) Credit Rating

Investment for growth


bpha invested £38m in the provision of new affordable homes in the year ended 31 March 2021, delivering 366 new affordable homes. bpha continues to invest in technology and people to ensure it has a modern, scalable and efficient operational structure. Investment in these areas helped to ensure we were well prepared to meet the challenges of the pandemic.


Operating Surplus

Strong cash generation and liquidity levels



Our net cashflow from operating activities is sufficient to cover both debt interest and capital expenditure on existing assets, showing that our core operations are cash generative.

During the year the net cashflow from operating activities combined with the proceeds from sales, was greater than our development expenditure and our net debt fell slightly to £797m (2020: £808m).

This was due to the slow down in our development programme as a result of the pandemic. Our continued strong liquidity means that all future committed developments can be funded from existing facilities, without the need to raise new funding.



A word from Julian Pearce, bpha’s Chief Financial Officer


“bpha remains in a strong financial position after a challenging year. Our core operating business has demonstrated its strength and resilience during the pandemic with increased surpluses and operating cash flows.”

“Our continued strong financial performance means we can continue investing in the maintenance of our customers’ existing homes, as well as progressing our ambitious development programme. In spite of the uncertain economic environment robust financial management, coupled with our investment in people and technology, has allowed us to continue to support our customers and develop much needed, new affordable homes for the future ”