59DP Bpha Fin.4.816%

bpha Group Report and Financial Statements 2023-2024

bpha today (12 August 2024) released its financial statements and remains in a strong financial position.

bpha's approach and long-term plans have kept the organisation in good shape. It has adapted well to a changing operational environment, whilst maintaining its focus on customers, the services they receive and the homes that they live in. bpha retained G1 and V1 compliant Regulatory ratings and an S&P credit rating of A+ (Stable).

Our core operating business continued to perform strongly as turnover increased to £127.7m from £117.4m and our ongoing development program resulted in 267 properties built or acquired during the year. The development and sales business turnover fell following a reduction in staircasing which reduced the surplus by £4.4m. Combined, our underlying operating surplus increased to £55.9m overall (2023: £55.4m). During the year we improved our liquidity with the sale of our retained £75m bond and restructured our banking facilities through terminating interest rate derivatives in March 2024 and completing new facilities in July 2024.

Highlights included:

·    Core operating margin of 40% (2023: 40%)

·    267 homes completed, 19,987 homes owned or managed (2023: 19,757)

·    89% of homes are energy Band C and above

·    S&P credit rating of A+ (Stable)

·    G1 and V1 - the highest governance and financial viability ratings

bpha will be holding an all-investor update call on 5 September at 4pm. Further details on how to attend will be released closer to the date.

The full financial report is available at:  https://investors.bpha.org.uk

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

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