Turnover hits £314m at Gloucestershire housing association

Gloucestershire scheme. Credit: Bromford

Gloucestershire housing association Bromford  saw turnover rise to £314m in the last 12 months.

Around £267m of the income came from its core business of social housing lettings.

Operating surplus grew to £95m while surplus after tax rose to £67m.During the year Bromford completed 1,191 new homes, all of which were for affordable tenures, including 551 for social rent.

The in-house construction team were responsible for delivering one in eight of the total completions. This figure is set to increase over the years ahead as we completed several land purchases over the past 12 months, including a site for more than 200 homes at Matson in Gloucestershire.

Chief executive Robert Nettleton said: “Despite persistently high cost inflation, which has had a material impact on many of our customers, and a government-imposed rent cap, we have maintained our key financial metrics and credit ratings.

“This has enabled us to develop new homes at scale, as we delivered 1,191 affordable homes in the year and continued to secure our pipeline for the years ahead.”

Chief finance officer Paul Walsh added: “We are pleased to report another strong set of financial results. We are determined to provide homes that our customers are proud to live in whilst remaining committed to financial discipline.

“Total turnover exceeded £300m in the year with 85% coming from our core business of social housing. We are pleased to have delivered a social housing operating margin of 34%, maintaining our performance from the previous year and continuing to deliver sector-leading performance.”

Director of treasury Imran Mubeen explained we have continued to unlock our balance sheet capacity, delivering new funding to finance our development and sustainability programmes. He said:

“We delivered £150m of new drawn funding, as we co-created a new pathway to funding with Legal and General Investment Management to raise £50m, and then returned to the traditional private placement market to secure a further £100m with North American and UK investors.

“We also expanded our portfolio of revolving credit facilities to £450m across six funders, all linked to our sustainability golden metrics. We continue to pioneer sustainable finance in our sector and our portfolio now includes the first loans linked to reducing our Scope 1, 2, and 3 carbon emissions, improving our customer advocacy and actioning our outstanding repairs.”

Looking ahead, director of development Amanda Swann explained that Bromford is continuing to invest in delivering new homes for future customers to meet the demand for affordable housing in the region.

“We have ambitious future development aspirations, and plan to deliver circa 11,000 new low carbon homes by 2032, focusing on affordable tenures to support our core business,” she said. “We continue to leverage £240m of grant funding through wave two of our strategic partnership with Homes England.”


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