Bedford-based provider records increased turnover but development falls
BPHA has returned to a net surplus, according to its latest annual results. Figures for the year to March 2025 showed the Bedford-based housing association made a pre-tax surplus of £20.1m, compared with a loss of £1.5m in the previous year.
The 20,000-home association also recorded a relatively steady operating surplus, which nudged down from £55.9m to £55m. Group turnover stood at £152m, up from £149m.
The group’s EBITDA MRI interest rate cover percentage of 111.8% was below its target of 118.7%, which it attributed to “impairments on current assets during the year”. Its target for 2026 is 121.3%.
During the year, BPHA built or acquired 239 affordable homes, which was 12 fewer than last year.
“The delivery of 1.3% new social home supply is broadly in line with last year’s performance and is in line with sector median performance, but below our peer group,” it said.
Its target will increase to 323 new homes in 2026.
BPHA delivered no new non-social homes through its housebuilding subsidiary Bushmead Homes and does not expect to deliver any such units next year.
The provider spent £64m on new homes in the year (up from £60m) and £49m on maintaining and improving existing homes (up from £39m).
Julian Pearce, chief financial officer, said: “We were able to again deliver on our commitments this year, and plan for a long-term future from a strong foundation.
“The Regulator for Social Housing (RSH) again awarded BPHA the maximum ratings for governance (G1) and financial stability (V1).
“We were pleased to drive forward our plans to build and regenerate homes and places in our operating area between Oxford and Cambridge. This included providing 239 new, much-needed homes and completing the second large project of our regeneration of Bedford’s high-rise blocks.”
No comments yet