06/08/2026
BFL reports strong performance as scale drives investment in homes and places
BFL has almost 300,000 customers across the west, southwest, central and east of England.
Bromford Flagship LiveWest’s 2025-26 Annual Report and Accounts and Sustainability Impact Report demonstrate the financial strength, local presence and long-term capacity to deliver better outcomes for customers and place and more affordable homes.
Bromford Flagship LiveWest (BFL) has published its Annual Report and Accounts for the year ended 31 March 2026 alongside its Sustainability Impact Report, setting out how the organisation’s scale and financial strength are supporting increased investment in new homes, existing homes, services and places.
During the year ending 31 March 2026, BFL delivered 2,871 new homes, including 1,135 for social rent, while investing £161m in improving existing homes and £615m in its development programme.
Customer satisfaction increased by two percentage points to 84% and 83% of BFL homes now achieve an energy performance rating of EPC C or above.
The reports are the first published by BFL following the merger of Bromford Flagship and LiveWest in January 2026. The combined organisation now provides homes for almost 300,000 customers across the west, southwest, central and east of England and will invest approximately £18bn in homes, services and places by 2040.
For the year ending 31 March 2026, BFL:
- Generated turnover of £946m, with £781m from social housing lettings.
- Maintained a social housing lettings operating margin of 31%.
- Increased overall operating margin, excluding asset sales, from 27% to 28%.
- Achieved EBITDA MRI interest cover of 1.43 times.
Robert Nettleton, Chief Executive of BFL, said:
“We’re pleased to report a strong set of results in our 2025–26 Annual Report and Accounts. Our focus over the past two years on unlocking capacity provides us with the financial strength and resilience to invest for the long term.
"At the same time, our growing focus on place rather than simply homes will increasingly help investment to be shaped by local knowledge and by what our customers and the places in which they live need.”
Robert Nettleton, Bromford Flagship LiveWest chief executive officer
“We support the government’s emphasis on social rent, devolution and regional growth, and we look forward to working even closer with key partners to enable more people to thrive.”
Financial strength supporting long-term investment
BFL maintained stable operating performance while increasing customer satisfaction and capital investment across both its existing homes and development programme.
The organisation secured over £1.2bn of new and replacement funding during the year and ended March 2026 with £1.6bn of available liquidity. Its A2 Stable and A+ Stable credit ratings provide access to funding at a scale and cost that support continued long-term investment.
Jo Makinson, Chief Finance Officer of BFL, said: “These results demonstrate the resilience of our business and the financial strength to support our long-term plans.
“Our continued focus on financial discipline has resulted in solid and stable operating margins, while we increase investment in new and existing homes. Our funding position, liquidity and credit ratings give us the confidence to continue investing while retaining the flexibility needed to respond to changing market conditions.
“Crucially, that financial strength enables us to make long-term commitments to customers, places and partners and provide greater certainty around future delivery.”
BFL delivered 2,871 new homes, including 1,135 for social rent in the year ending 31 March 2026.
Measuring our impact
Published alongside the financial statements, BFL’s first Sustainability Impact Report provides evidence of how the organisation’s investment is delivering better outcomes for customers, homes, places, colleagues and the environment.
Prepared against version 2.1 of the Sustainability Reporting Standard for Social Housing, the report includes:
- 1,192 homes improved through retrofit and energy-efficiency programmes and 3,292 individual energy efficiency measures installed.
- More than 4,950 tenancy sustainment referrals made.
- More than £3m of external funding secured to support local health, wellbeing and digital inclusion work.
- More than 70% of colleagues saying BFL is a great place to work.
Together, the Annual Report and Accounts and Sustainability Impact Report show how BFL’s financial capacity is being converted into practical outcomes: more affordable homes, better existing homes, improved services and sustained investment in places.
They also provide evidence that can inform future investment, strengthen partnerships and help improve the systems, funding and policies through which homes and places are delivered.