Clarion Funding plc

16 December 2024

CLARION HOUSING GROUP PUBLISHES HALF YEAR ACCOUNTS

Clarion Housing Group today publishes its accounts for the half year ending 30 September 2024. http://www.rns-pdf.londonstockexchange.com/rns/2715Q_1-2024-12-16.pdf 

The accounts show a strong and resilient financial performance. With turnover at £542 million (H1 2023/24: £486 million) and an operating surplus of £138 million (H1 2023/24: £109 million), both show an improved performance compared to the first six months of the previous year.  This is also reflected in the net surplus increasing to £68 million (H1 2023/24: £35 million). The year-on-year gain is predominantly due to increased rental income and increased surplus on disposal, which more than offset higher operating costs.

The Group remains committed to both improving its existing properties and delivering more new social housing.  This is demonstrated with the investment of £220 million in new and existing homes in the first half of the year, over three times the net surplus for the period. The Group has completed 792 properties (up from 606 in the first half of 2023/24) - of which 78% were for affordable tenures.

During the period, £7 million was invested in the important work of the Group's charitable foundation, Clarion Futures. Over the first six months of 2024/25, Clarion Futures has supported 793 people into jobs, 2,412 into training and 35 people have been helped to set up their own business.

Mark Hattersley, Chief Financial Officer, said: "I am proud of what we have achieved by the mid-point of the year, and while we are heading into what can be the more challenging winter period, we are well placed to continue to deliver for our residents and retain a financially robust position.

Alongside the strong financial performance, we have delivered an increased number of new homes and continue to invest significantly in our homes and in our communities. We couldn't achieve all of this without the ongoing support of our investors, which was demonstrated by our successful return to the capital markets in May with a new £250 million 33-year sustainability bond. From opening a brand-new community centre in Ealing to publishing our first Nature Recovery Strategy, we continue to focus on our purpose of 'making a difference'."

Ends

For more information, please contact Lucy Pond, [email protected].