TIDM96XN TIDM51GC
RNS Number : 5971R
Clarion Funding plc
27 October 2023
Clarion Funding plc
CLARION HOUSING GROUP Q2 2023/24 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 30 September 2023
Financial performance
The unaudited management accounts for first half of the
financial year 2023/24 show a turnover of GBP485.8 million (22/23
GBP480.5 million), and an operating surplus of GBP106.9 million
(22/23 GBP150.3 million). Of the GBP43 million reduction in
operating surplus, GBP35 million of this is attributable to a lower
surplus on disposals. This reflects a more cautious approach to
disposals in the current economic climate and the large stock
disposal that occurred in the first six months of the prior year.
The other elements include a lower surplus on development sales and
higher operating costs, although it is noted that the majority of
the operating cost increases are substantially offset by higher
rental income following the 7% rent increase.
The Group has continued to invest significantly in its existing
homes, with GBP66.1 million invested in improvements by the end of
September 2023 - an increase from GBP53 million the prior year.
GBP246.9 million was also invested in our new homes programme -
lower than previous years due to the continued cautious approach
adopted in light of challenging market conditions.
Housing fixed assets stood at GBP8.48 billion, up from GBP8.31bn
as at 31 March 2023. Drawn debt was GBP4.60 billion, up from
GBP4.46 billion as at 31 March 2023. Liquidity stood at GBP0.86
billion (31 March 2023: GBP1.02 billion) with committed and fully
secured loan facilities at GBP5.39 billion (31 March 2023: GBP5.41
billion).
Operational performance
We have exceeded our internal customer satisfaction targets,
with scores last measured at 82.7% for overall customer
satisfaction (target: 80%) and 89.5% for satisfaction with last
repair (target: 85%).
Rent arrears has improved to 8.1%, from 8.4% at the end of the
first quarter of the financial year. While continuing to improve,
the higher-than-typical level reflects the continued legacy impact
of the cyber security incident last year, where a proportion of our
direct debits could not be collected. Our teams continue to deliver
targeted and bespoke support to help residents maximise their
income and manage their finances.
The Group has completed 606 new homes over the first half of the
financial year. Most of these homes - 71% - were for affordable
tenures. The current pipeline remains in excess of 20,000
homes.
Outright market and shared ownership sales generated income of
GBP67.2 million, with a margin of 8.2%.
Sustainability
In July, the Group announced a pilot project which will see four
vacant and timeworn bungalows in East Hertfordshire redeveloped and
replaced with seven highly efficient affordable homes, which will
be built in line with the upcoming 2025 Future Homes Standard
(FHS).
Supporting our residents and communities
Over the first six months of the year, the Group's charitable
foundation, Clarion Futures, supported 1,002 people into work and
3,049 into training, as well as helped 47 people to set up their
own business, through its free jobs and training service.
Demand on Clarion Futures' money service remains high, and
11,545 residents have benefitted from money guidance from Clarion
Futures and its external partners since April 2023.
A total of GBP481,637 has been awarded in grant funding to
community-based organisations, including food banks and local
charities tackling issues such as loneliness and isolation.
ENDS
For more information, please contact:
Andrew Hill, Director of Treasury and Corporate Finance, Clarion
Housing Group - 0203 840 0164 / 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
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(END) Dow Jones Newswires
October 27, 2023 10:37 ET (14:37 GMT)
Clarion Fund 48 (LSE:96XN)
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