Financial Strength

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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 Publications

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+. The outlook remains 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 negative outlook for the rating 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