Bedfordshire landlord increases completions by 20%

BPHA has increased its annual turnover by 12% and built more homes than the previous year.

The 20,000-home housing association, in its financial statement for the year to 31 March, said it increased its turnover from £133m to £149.4m.

Richard Hill

Richard Hill, chief executive of BPHA

It increased its income from social housing lettings from £109.7m to £120.9m and its shared ownership first tranche revenue from £15.6m to £18.8m.

The housing association completed 267 homes in the year, exceeding the 223 it built in 2022/23.

However, the Bedfordshire-based association reported an overall deficit of £2.1m compared to its £16.5m surplus the year before. This was due to £22.7m in one-off swap break costs as the association restructured its financing.

It said: “The swaps were legacy financial instruments at high interest rates of 10% and their removal will enable a lower interest cost for future years and more financial capacity.”

The group’s operating surplus, which excludes such one-off costs, increased from £48.7m to £55.9m. This was despite a £4.4m reduction in surplus for its development and sales business due to a drop in staircasing.

BPHA is spending £70m on its ongoing project to refurbish 14 tower blocks, upgrading the fabric and thermal performance of the buildings. The first block, Ashburnham Court, was completed late summer.

Richard Hill, chief executive of BPHA, said: “In a challenging operating environment, we have performed well in 2023/24.

“Although we recorded a small loss, this was due to a one off cost of terminating expensive derivatives, as part of a wider rearrangement which will ensure long-term benefits.

“Our underlying financial results are strong and we have delivered on key ambitions for the year”

Housing association financial statements 2023/24

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