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BPHA sees surplus jump after shared ownership sales boost
Housing association BPHA has reported a 44% jump in surplus as it continues its focus on the Oxford to Cambridge corridor.
The Bedford-based landlord, which operates 18,000 homes, revealed that its pre-tax surplus rose to £41.7m in the year to March 31 2018.
BPHA, which employs around 400 people, said the rise in surplus was helped by “strong contributions from first tranche shared ownership sales”.
The association’s overall margin increased to 47.2%, up from 44.8% in 2017, as it said “operating efficiencies offset the impact of rent cuts”.
Revenue in the period slipped from £122.4m to £117.3m, BPHA said.
Paul Gray, chief financial officer at BPHA, branded it a “strong” performance as it benefited in operating in an an area with a “high demand for affordable homes”.
In last Autumn’s budget the government unveiled plans to build a million homes in the Cambridge-Milton Keynes-Oxford corridor by 2050.
Mr Gray added: “Our business model focuses upon a tightly defined core operational area across the Oxford to Cambridge corridor, which enables us to maintain close cost control, operate efficiently and thereby deliver value for money,” he said.
BPHA’s stable footing was underlined last November when it retained its A+ rating from ratings agency Standard & Poor’s.
The association’s debt in the year dropped to £731.4m, down from £737.8m the prior year.
Housing association financial statements 2017/18
Click on the links below to read more reports about individual associations' financial statements:
A2 Dominion reports £92.5m surplus
Aster sees 12% jump in surplus despite margin drop
BPHA sees surplus jump after shared ownership sales boost
Clarion's surplus falls for second year running
Housing & Care 21 records increased surplus
Metropolitan sees surplus fall due to post-Grenfell costs
Midland Heart records £47.8m surplus
Network Homes surplus dips for the second consecutive year
Notting Hill and Genesis post reduced combined surplus
Optivo sees turnover fall in first results since merger
Orbit surplus boosted by jump in value of private rented units
Paradigm surplus drops after £5.6m loan breakage cost
Places for People boosts surplus to £130m
Southern sees dip in surplus due to pensions and safety costs
Sovereign boosts surplus thanks to open market sales
Stonewater increases surplus by 38%
Swan surplus slides after £3.2m cladding provision
Vivid posts increased surplus post-Merger
