bpha delivered a strong financial performance and increased its overall operating surplus by 27% to £36.1m.

The core housing business continued its stable performance, reporting an increase of £0.5m, to deliver an operating surplus of £25.1m. The development and sales operation showed an expected rebound and reported an £18.4m increase in turnover on the same period last year to £32.8m.

bpha’s robust financial stewardship and strong operating cashflows from the core housing lettings business has seen its rating outlook improve from A+(negative) to A+ (stable).