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Half Year Financial Report
For the six months ended 30 September 2019
bpha has released its half year financial report results for the six months ended 30 September 2019. The report shows that bpha is continuing to maintain a strong financial performance, with a social housing lettings operating margin of 42.4% (Sept 2018: 42.8%). It also outlines bpha’s sustained investment in new affordable homes having built 410 since the beginning of the financial year, in addition to investing £11.6m in existing assets.
2019 Group Report and Financial Statements
bpha Group has released its financial statements for the year ended 31 March 2019 reporting a strong operating margin of 42.6%. (2018: 47.2%), with social housing lettings operating margin of 40.6% (2018: 44.3%). This was achieved along with historically high investment rates in existing and new homes, which resulted in the completion of 621 new affordable homes. If you would like a print copy please complete this form.
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Previous PublicationsHalf 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
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.