96XN Clarion Fund 48

TIDM96XN TIDM51GC

RNS Number : 9265T

Clarion Funding plc

23 July 2020

Clarion Funding plc

23(rd) July 2020

Clarion reports an improved set of results and a record number

of new homes completed in 2019/20 accounts

Clarion Housing Group has today published its Annual Report and Accounts for the financial year 2019/20 . It reports a strong financial position, good operational performance and a record number of new homes delivered.

The Group saw an increase in both its turnover at GBP842 million (2019: GBP816 million) and its operating surplus at GBP293 million (2019: GBP282 million). Meanwhile it invested GBP631 million - nearly four time its net surplus - in new homes and GBP102 million in improving its existing homes.

A record 2,101 new homes were completed, representing a 69% increase on the previous year with 86% of these completions being affordable tenures.

Overall customer satisfaction for the year was above target at 80.9% and the Group delivered GBP130 million in social value through its charitable foundation, Clarion Futures. Clarion Futures operates the largest community investment programme of its kind and over the course of the year supported nearly 4,000 people into work, helped over 200 people to start up their own business and placed over 250 apprentices.

Mark Hattersley, Chief Financial Officer at Clarion Housing Group, said :

"We are pleased to report a strong and resilient performance for the last financial year, exceeding our targets across a range of measures and completing more new homes than ever before.

These accounts detail results up to the end of March this year and while so much has changed in the world since then, this highlights the strength of Clarion's position as the pandemic hit.

I am immensely grateful to the colleagues across the group who delivered this performance and for everything they have done to support our residents in the months since. Our mission to provide good quality, affordable homes to those failed by the market has never been more important."

Ends

For more information contact Lucy Pond, communications manager, on 0207 378 5555 / 0771 8269 023 or at lucy.pond@clarionhg.com

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