TIDM96XN TIDM51GC
RNS Number : 4802U
Clarion Funding plc
01 August 2022
GENERAL TEXT AMENDMENT
The following amendments have been made to the 'Quarterly
Performance Update' announcement released on 1 August 2022 at 7am
under RNS No 3367U.
-- Capital investment comparator period corrected from 2020/21 to 2021/22
-- Andrew Hill job title corrected from 'Head of Treasury' to
'Director of Treasury and Corporate Finance'
All other details remain unchanged.
The full amended text is shown below.
Clarion Funding plc
CLARION HOUSING GROUP Q1 2022/23 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 30(th) June 2022
Clarion experienced a serious cyber security incident on 18(th)
June 2022. In line with our incident processes and protocols, we
took part of our IT network offline to minimise the impact of the
attack. While our quarterly performance update would normally
include Q1 figures up to 30(th) June, the status of some of our
systems means we cannot reliably report all of the usual data for
June. The data used in this update is therefore for April and May
2022, unless stated otherwise.
Financial performance
The Group is pleased to report a continuing strong financial
performance. The unaudited management accounts for the first two
months to 31(st) May 2022 show a turnover of GBP169.2 million
(period to 31(st) May 2021/22: GBP164.8 million), delivering an
operating surplus of GBP47.5 million (period to 31(st) May 2021/22:
GBP47.5 million).
The Group's total capital investment in existing homes during
the first two months of the year was GBP13.5 million, a decrease
from GBP16.8 million during the same period in 2021/22.
Housing Fixed Assets stood at GBP8.17 billion as at 31(st) May
2022, up from GBP7.90 billion for the full financial year ending
31(st) March 2022.
As at 30(th) June 2022 the Group retains strong liquidity of
GBP1.10 billion (31(st) March 2022: GBP1.12 billion), with
committed and fully secured loan facilities of GBP5.43 billion
(31(st) March 2022: GBP5.44 billion). Drawn debt was GBP4.39
billion at 30(th) June 2022, down from GBP4.45 billion at 31(st)
March 2022.
Moody's affirmed the Group's credit rating at A3 in June
following an update to include assignment of ESG scores.
Operational performance
The Group continues to surpass its customer satisfaction
targets, with repairs satisfaction measured at 90.6% (target: 85%)
for April and May. Overall customer satisfaction for the same
period measured at 84.5% (target: 80%).
Rent arrears stood at 6.0% during April and May, remaining
within our Covid-adjusted tolerance. We continue to provide a range
of support services to help our residents manage their money,
maximise their income and sustain their tenancies.
The Group completed 474 new homes during the full quarter to
June, 88% of which were for affordable tenures. It began
construction work on 126 new affordable homes and a further 113 for
private sale, and sold a total of 259 homes.
Supporting our residents and communities
During April and May, the Group's charitable foundation Clarion
Futures helped 430 people into work, 742 people into training and a
further 12 people were supported to set up their own business.
Up to 16(th) June, a total of 2,884 actions were taken by the
Money Guidance Team and its external partners to help residents
manage their money more effectively.
Through its grants programme, Clarion Futures allocated
GBP65,158 to local community projects during the quarter.
Building new homes
In April, Clarion Housing Group announced details of another
record-breaking year for new housing completions. During the
2021/22 financial year, it built 2,276 homes - more than 80% of
which were for affordable tenures. Four in ten of all new homes
built last year were for social or affordable rent, with a further
1,000 additional homes for shared ownership.
Also in April, the Group secured planning permission to
transform vacant land west of Leeds into a 1,400-home scheme of
more than 500 affordable units.
In May, Merton Borough Council approved detailed plans for the
first phase of new homes at the Group's regeneration of its
Eastfields estate. The estate is one of three being transformed as
part of a landmark GBP1.3bn project in partnership with the council
and work on the first 201 new homes will begin after the successful
appointment of a contractor.
ENDS
For more information, please contact:
Andrew Hill, Director of Treasury and Corporate Finance, Clarion
Housing Group - 0208 315 3239 / andrew.hill@clarionhg.com
Lucy Pond, senior communications manager, Clarion Housing Group
- 0207 378 5555 / lucy.pond@clarionhg.com
Disclaimer
The information contained herein (the "Trading Update") has been
prepared by Clarion Housing Group Limited (the "Parent") and its
subsidiaries (the "Group"), including Clarion Funding plc, Affinity
Sutton Capital Markets plc, Circle Anglia Social Housing Plc and
Circle Anglia Social Housing 2 Plc (the "Issuers") and is for
information purposes only.
The Trading Update should not be construed as an offer or
solicitation to buy or sell any securities issued by the Parent,
the Issuers or any other member of the Group, or any interest in
any such securities, and nothing herein should be construed as a
recommendation or advice to invest in any such securities.
Statements in the Trading Update, including those regarding
possible or assumed future or other performance of the Group as a
whole or any member of it, industry growth or other trend
projections may constitute forward-looking statements and as such
involve risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
expressed or implied by such forward-looking statements.
Accordingly, no assurance is given that such forward-looking
statements will prove to have been correct. They speak only as at
the date of the Trading Update and neither the Parent nor any other
member of the Group undertakes any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments, occurrence of unanticipated
events or otherwise.
None of the Parent, any member of the Group or anyone else is
under any obligation to update or keep current the information
contained in the Trading Update. The information in the Trading
Update is subject to verification, does not purport to be
comprehensive, is provided as at the date of the Trading Update and
is subject to change without notice.
No reliance should be placed on the information or any
projections, targets, estimates or forecasts and nothing in the
Trading Update is or should be relied on as a promise or
representation as to the future. No statement in the Trading Update
is intended to be an estimate or forecast. No representation or
warranty, express or implied, is given by or on behalf of the
Parent, any other member of the Group or any of their respective
directors, officers, employees, advisers, agents or any other
persons as to the accuracy or validity of the information or
opinions contained in the Trading Update (and whether any
information has been omitted from the Trading Update). The Trading
Update does not constitute legal, tax, accounting or investment
advice.
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END
UPDUPUAARUPPGGG
(END) Dow Jones Newswires
August 01, 2022 07:58 ET (11:58 GMT)
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