96XN Clarion Fund 48

TIDM96XN TIDM51GC

RNS Number : 9142I

Clarion Funding plc

16 December 2020

Clarion Funding plc

16(th) December 2020

Clarion Housing Group delivers strong half year performance

Clarion Housing Group has today published its half year results for 2020/21 , which show an improved turnover and surplus and an increase in the number of new homes completed, compared to the year prior.

The Group reports an operating surplus of GBP139m (2019: GBP138m) against a turnover of GBP432m (2019: GBP402m) and the completion of 860 new homes (2019: 691). A strong sales performance was also seen, generating an income of GBP77m (2019: GBP56m).

In addition customer satisfaction rose slightly to 80.9% (2019: 79.6%) and with a range of support services in place for residents, arrears remained within the Group's Covid-19-adjusted tolerance at 6.1% (2019: 5.3%).

Lockdown restrictions have had a limited impact on some activity, with a decrease in the number of new homes started (2020: 813, 2019: 1,132) and a small drop in investment in existing homes (2020: GBP29m, 2019: GBP31m), reflecting the period of emergency and urgent only repairs. Clarion has now returned to a full repairs service and planned investment programme, adopting Covid-secure ways of working.

Mark Hattersley, Chief Financial Officer, said: "We are today reporting a strong financial and operational performance demonstrating the Group's resilience in the face of unprecedented operating challenges. Our priority since March has been to support our residents and our staff and to do all we can to ensure continuity.

"It is of course too early to know the full impacts of the pandemic but these are an excellent set of results and we are well placed for the six months ahead."

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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December 16, 2020 12:18 ET (17:18 GMT)

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