Financial Strength

Read our latest financial statements here

Group Report and Financial Statements 2019/20

Our latest financial statements show a continuation of our strong financial performance. The report shows that core operating business continues to perform strongly with a margin of 41% (2019: 42%) from an increased turnover of £103m.

Our highlights of 2019/2020 include:

• £60m operating surplus
• Completion of 651 new affordable homes
• A+ (negative) Credit Rating and V1/G1 viability and governance ratings maintained
• Development of a new Environmental Strategy
• Debut Private Placement raised £125m of mostly unsecured new debt at sub 2.5%

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Previous Publications

Half Year Financial Report 2019 Financial Statements 2018/2019 Half Year Financial Report 2018 Financial Statements 2017/18 Financial Statements 2016/17 Financial Statements 2015/16 Financial Statements 2014/15 Financial Statements 2013/14 Financial Statements 2012/13
S&P credit rating

On 16 October 2019, S&P reaffirmed bpha’s long-term credit rating of A+

Credit rating agency Standard & Poor’s (S&P) has reaffirmed bpha’s long-term credit rating of A+ (negative).

In their Research Update, S&P have commented that bpha:

  • continues to have strong enterprise profile underpinned by high proportion of revenues from traditional social housing activities, its dynamic area of operation and its excellent asset quality
  • has a strong liquidity position, underpinned by the group’s strong financial policies and its potential to generate cash consistently from its core activities
  • has extensive experience in the social housing sector with a development strategy which is aligned to its capabilities
  • is expected to maintain a moderate debt burden below 15x EBITDA and interest coverage above 1.5x

The outlook remains negative in line with the previous rating.  This reflects the risk that, over the next two years, bpha’s exposure to market related activities could increase, which would put pressure on operating margins and debt metrics.

S&P also reaffirmed at A+ the senior secured debt rating on bpha’s outstanding bond issued by bpha Finance plc.

2019 Credit Rating Report

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Previous Publications

2018 Credit Rating Report

Delivering best value through all our services is critical; ensuring we improve delivery of our services and maintain our strong financial position