Financial Strength

2018 Half Year Financial Report

bpha Group has released its financial statements for the six months ended 30 September 2018 reporting a pre-tax surplus of £21.6m. If you would like a print copy please complete this form.


2018 Group Report and Financial Statements

bpha Group has released its financial statements for the year ended 31st March 2018 reporting a pre-tax surplus of £42m (2017:£29m), which is the strongest performance in the association’s history. If you would like a print copy please complete this form.

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Previous Publications

Financial Statements 2016/17 Financial Statements 2015/16 Financial Statements 2014/15 Financial Statements 2013/14 Financial Statements 2012/13
S&P credit rating

In October 2018, 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+.

The outlook for the rating has been revised to ‘negative’ on expectation that proportion of revenues from non-traditional activities may increase in the coming years.

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

  • benefits from strong economic fundamentals and excellent asset quality
  • is expected to maintain strong EBITDA MRI margins of 44.5%
  • has solid EBITDA interest coverage
  • has a very strong liquidity position

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

2018 Credit Rating Report

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

2018 Value for Money Self Assessment

(extract from the 2018 Annual Report)

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Previous Publications

2016/17 Value for Money Self Assessment 2015/16 Value for Money Self Assessment 2014/15 Value for Money Self Assessment