Housing association unveils annual revenues of £314m

Housing association Bromford saw its turnover rise to £314m over the last 12 months – according to its annual report.

The association, which is based in the West Midlands and operates across Gloucestershire, set out a strong year of financial performance and housebuilding as well as its highest ever level of customer satisfaction.

Turnover rose to £314m and net surplus increased to £67m, while operating margin and social housing operating margin remained strong at 30% and 34% respectively.

Bromford said it continues to have significant capacity for future borrowing to deliver their growth plans and realise the ambitions of its 2023 – 2027 corporate strategy.

The housing association increased investment in existing homes by 14% to £64m and ramped up regeneration activity during the year.

In addition, Bromford invested £299m in its new homes programme, completing 1,191 homes, of which 551 were for social rent.

Just over 150 homes were built by its in-house construction team, which has continued to go from strength to strength over the last five years.

Chief executive Robert Nettleton, said: “I am pleased to report a strong set of results, in what has been a challenging operating environment.
“We’ve delivered 1,191 homes all of which are affordable, while many of our peers are reducing or withdrawing from building new homes. I am especially proud that our customer advocacy score has increased to 91%, the highest it has ever been.”

Paul Walsh, chief finance officer, added: “This year, we achieved a net surplus of £67m, reflecting our commitment to balancing financial health with significant investments in customer services and our homes.

“Our robust financial position provides us with the capacity to meet the growing needs of our existing and new homes programmes, reinforcing our long-term commitment to our customers and communities.”