96XN Clarion Fund 48

TIDM96XN TIDM51GC

RNS Number : 5605W

Clarion Funding plc

11 December 2019

Clarion Funding PLC

Wednesday 11(th) December

Clarion announces record number of new home completions for first half of FY 2019/20

Clarion Housing Group has today published its half year results for 2019/20, which detail an increase in the number of new affordable homes completed, continued investment in existing Clarion homes and an increase in resident satisfaction with repairs.

Clarion completed 691 new homes in the first half of 2019/20 (compared to 420 in H1 2018/19) which equates to an increase of 65% on this time last year. Of these new homes, 96% were for affordable tenures.

In parallel, the Group continued to invest in the maintenance of existing homes, with GBP92 million spent in the first six months of H1 2019/20, up from GBP86 million in H1 2018/19.

The Group's turnover (GBP402 million) and surplus (GBP69 million) saw a reduction from last year, but both remain healthy.

Clarion Futures, the charitable foundation of Clarion Housing Group, supported more than 2,000 people into work in the last six months and is on course to match its record of helping over 4,000 people into employment, which was set last year.

Clarion Response, the Group's in-house repairs arm, continued to complete an average of more than 1,000 repairs every day, with resident satisfaction with repairs climbing again to 89.4%.

Clare Miller, Group Chief Executive commented:

"These strong half year results demonstrate that Clarion continues to build on strong foundations. We are delivering more new affordable homes, investing in our existing properties and creating communities that work for our residents.

"Despite the challenging external environment for the sector, we retain a robust financial position and are well placed to continue to deliver a strong performance and meet our long-term objectives."

Key metrics from the half year accounts are below, with the full half year results on the Clarion Housing Group website.

http://clarionhg.com/media/1990/clarion-housing-group-hy1920-web.pdf

 
                                  H1 2019/20   H1 2018/19 
 Turnover                         GBP402m      GBP410m 
                                 -----------  ----------- 
 Surplus for the period           GBP69m       GBP87m 
                                 -----------  ----------- 
 Capital investment               GBP284m      GBP240m 
  in new homes 
                                 -----------  ----------- 
 New homes started                1,132        880 
                                 -----------  ----------- 
 New homes completed              691          420 
                                 -----------  ----------- 
 Overall customer satisfaction    79.6%        78.8% 
                                 -----------  ----------- 
 Repairs satisfaction             89.4%        88.4% 
                                 -----------  ----------- 
 

Ends

For more information contact:

Gareth Francis, director of treasury and corporate finance, Clarion Housing Group - 0778 7555655 / gareth.francis@clarionhg.com

Lucy Pond, communications manager, Clarion Housing Group - 0771 8269023 / lucy.pond@clarionhg.com

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END

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