Bromford has today published its annual report and accounts for the financial year ended March 31, 2024.

The Tewkesbury-based housing association has achieved a strong year of financial performance and housebuilding as well as its highest ever level of customer satisfaction.

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

With interest cover at 3.2 times (more than twice headroom) and liquidity at £538m, Bromford continues to have significant capacity for future borrowing to deliver their growth plans and realise the ambitions of its 2023 - 2027 corporate strategy.

Bromford 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. 155 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."

Imran Mubeen, director of treasury, said: "Our disciplined approach to financial management has secured a robust liquidity position, with £538m in cash and undrawn facilities. This financial strength enables us to confidently pursue our growth and investment plans, ensuring the trust and confidence of our stakeholders.

"Our solid financial strategy allows us to deliver on our ambitious goals while providing stability and reliability for our customers, colleagues and funders."