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A strong Half Year Financial performance for bpha

bpha delivered a strong financial performance with an overall operating surplus of £31.9m. The core housing business continued its stable performance, following an exceptional year with sales of first tranche shared ownership returned to normal activity levels.

The half year results show that we remain financially robust, with strong liquidity.

Having a solid financial base remains crucial, especially given the volatile external market and the challenges ahead, as costs rise and our residents experience increased cost of living pressure. Strong finances mean that we can continue to invest in existing homes and services, as well as build much-needed new properties.

CFO, Julian Pearce, said “Once again, our half year results show bpha to be financially sound with liquidity. This is important given rising costs and increased costs of living pressure on our residents.

“I hope that the results give our residents, investors and stakeholders confidence in our ability to withstand challenges within the housing sector but also to continue to deliver homes for a range of needs.”


  • We have a stable core operating margin of 43% (September 2021: 45%)
  • Our net cashflow from operating activities increased slightly to £33.1m (September 2021: £32.1m) which covers our interest payments and investment in existing assets
  • Increased investment of £17.2m in maintaining and improving existing homes (September 2021: £13.1m)
  • Lower sales resulted in a reduction in our operating surplus to £31.9m (September 2021: £36.1m) following the rebound in sales last year
  • We have built 97 homes built since beginning of financial year
  • Our long-term credit rating of A+ (Stable) was reaffirmed by Standard and Poors in October 2022.


The bpha group Half Year Financial Report is available online at

For further information please email [email protected].