10 May 2022
Bromford announces record turnover and increased surplus
We have reported an 11% increase in our surplus off the back of record turnover after another year of strong financial performance.
We continue to deliver a strong set of financial results posting improved net surplus and key operating margins for the third year running fulfilling our purpose to enable existing and future customers to thrive.
Despite being impacted by the Covid-19 pandemic, rising inflation and significant volatility around labour supply and materials, the 2021 to 2022 annual report confirms that net surplus increased to £79m (£62m in 2021). On top of that, social housing and overall operating margins rose to 36% and 32% respectively (35% and 31% in 2021).
Read our Annual Report and Accounts 2021 to 2022.
There were also further successes in core areas such as:
Chief executive Robert Nettleton said: “We’re pleased to report a strong set of financial results in a year when the Covid pandemic continued to provide many challenges for our customers, colleagues and stakeholders. Our primary focus throughout the year continued to be the safety and wellbeing of our customers and colleagues.
Paul Walsh, our chief finance officer, added: “Against the backdrop of an increasingly difficult operating environment, we continue to deliver a strong set of financial results within the parameters of our Financial Framework. Our strong surplus allows us to self-fund a significant proportion of the investment in our new and existing homes and we maintained net arrears of less than 2% through the close working with our customers from our unique neighbourhood coach and income management teams, which we know will become even more paramount in the year ahead.”
10 May 2022
We have reported an 11% increase in our surplus off the back of record turnover after another year of strong financial performance.
11 November 2021
Bromford has announced a strong set of half-year results with increased turnover and growth in core operating margin on social housing lettings.