A strong and improved half year financial performance for bpha

bpha delivered a strong financial performance and increased its overall operating surplus by 27% to £36.1m.

The core housing business continued its stable performance, reporting an increase of £0.5m, to deliver an operating surplus of £25.1m. The development and sales operation showed an expected rebound and reported an £18.4m increase in turnover on the same period last year to £32.8m.


  • Core Operating Margin of 45% (Sept 2020: 45%)
  • Operating surplus grew to £36.1m (2020: £28.4m)
  • £13.1m Invested in maintaining and improving existing homes (Sept 2020: £10.1m)
  • £28.9m Invested in new homes (Sept 2020: £21.1m)




bpha’s robust financial stewardship and strong operating cashflows from the core housing lettings business has seen its rating outlook improve from A+(negative) to A+ (stable).

CFO, Julian Pearce, said


“The results are very positive, especially in the face of the ongoing challenges presented by the pandemic and the external environment.

“While these challenges will continue, including cost pressures on material supply and labour, our ongoing financial stability will continue to support our mission to build and maintain quality homes and thriving communities to meet the needs of all our customers.”





  • Core operating business demonstrated a strong and stable financial performance with an operating surplus of £25.1m which was £0.5m higher than the same period last year
  • Operating cashflows from the core business increased by £1.9m to £32.1m and comfortably covered interest payments of £19.3m and £6.6m improvements to housing properties, providing a cash surplus of £5.7m to contribute to future development
  • Credit rating outlook improved from negative to stable70
  • Turnover for the development and sales business of £32.8m was £18.4m higher than the same period last year resulting in a £7.1m increase in the surplus

A substantial 27% increase to the overall operating surplus which has increased to £36.1m





For further information please email investors@bpha.org.uk.