96XN Clarion Fund 48

TIDM96XN TIDM51GC

RNS Number : 3518I

Clarion Funding plc

11 August 2021

Clarion reports strong financial performance and record number of new homes completed in 2020/21 Annual Report and Accounts

Despite the challenging operating environment during 2020/21, Clarion Housing Group reports a number of achievements during the year, including a record number of new homes built, and a strong financial performance.

The Group's turnover increased to GBP944 million (2020: GBP842 million) with operating surplus decreasing to GBP258 million (2020: GBP293 million) due to a pause in its stock rationalisation programme. Adjusting for this pause, the underlying operating surplus increased by GBP3 million on the previous year.

The Group also delivered a record number of new homes (2,126), 90% of which were for affordable tenures. It invested GBP95 million in planned improvements to existing homes and a further GBP195 million in ongoing maintenance. It also increased its fire safety spend, investing GBP27 million (2020: GBP18 million) in its remedial programme.

Further highlights included:

- Partnering with Fenland District Council and Tonbridge & Malling Borough Council to secure GBP4.5million in government funding to improve the energy efficiency of social housing. The GBP4.5 million is match funded by Clarion and will see 160 of the most energy inefficient Clarion homes in Fenland and Tonbridge and Malling significantly upgraded.

- Leading a consortium of 59 organisations that will offer more than 800 job placements for unemployed 16-24 year olds under the government's Kickstart Scheme, of which more than 300 will be available within Clarion.

- Establishing our COVID response grant programme through which Clarion Futures, our charitable foundation, awarded 246 grants totalling more than GBP725,000 to food banks, community groups and local charities working to support our residents and their communities.

The Group consistently maintained its national customer satisfaction targets, ending the year at 80.7%.

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

"While the longer term effects of the pandemic are as yet unknown, we have done all we can to support our residents and communities over the last 12 months.

"I am pleased we are able to report a strong operational and financial performance today, underpinned by the completion of a record number of new homes. That we have managed to achieve so much in the face of an unprecedented challenge is a real testament to the resilience, and dedication of our staff."

You can download the 2020/21 Annual Report and Accounts here: http://www.rns-pdf.londonstockexchange.com/rns/3518I_1-2021-8-11.pdf

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For more information contact Clarion Housing Group's press office at pressoffice@clarionhg.com

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