Clarion Funding plc Interim Report and Accounts (3603X)
20 December 2023 - 3:35AM
UK Regulatory
TIDM96XN TIDM51GC
RNS Number : 3603X
Clarion Funding plc
19 December 2023
Clarion Funding plc
19 December 2023
Interim Report and Accounts for the period ended 30 September
2023
Clarion Housing Group has today published its Interim Report and
Accounts for the period ended 30 September 2023.
The auditor reviewed accounts for the first half of the
financial year 2023/24 show a turnover of GBP486 million (22/23
GBP481 million), and an operating surplus of GBP109 million (22/23
GBP150 million). The reduction in operating surplus has been
primarily driven by a lower surplus on disposals, reflecting the
Group's prudent approach in light of the economic climate, and the
large stock disposal that occurred in the first six months of the
prior year. Other factors included a lower surplus on development
sales and higher operating costs, although the majority of the
operating cost increases were substantially offset by higher rental
income following the 7% rent increase.
The Group has continued to invest significantly in its existing
homes, with GBP205 million spent on improving and maintaining homes
by the end of September 2023 - an increase from GBP167 million the
prior year. GBP234 million was also invested in our new homes
programme - lower than previous years due to the continued cautious
approach adopted due to challenging market conditions.
Key operational highlights included the in-sourcing of our
day-to-day repairs service in Merton and Kent, meaning that 100% of
our homes are now looked after by our in-house repairs division,
Clarion Response. Our overall customer satisfaction is above our
target at 82.5%, and customer satisfaction for repairs is also
above target at 89.4 %.
The services delivered by the Group's charitable foundation,
Clarion Futures, remain as vital as ever and since April, it has
delivered GBP62 million in social value, including supporting over
1,000 residents into employment.
Mark Hattersley, Chief Financial Officer at Clarion Housing
Group, commented:
"There is no doubt the external operating environment has
continued to be challenging over the first six months of the year,
and we have needed to carefully navigate this while we balance
competing priorities such as investment in our existing homes and
building more desperately needed new homes.
Our latest results demonstrate a resilient performance in spite
of this and we have a number of achievements to be proud of. We
remain well-placed to maintain this performance to the end of the
financial year."
Ends
For more information, please contact Lucy Pond, Senior
Communications Manager: lucy.pond@clarionhg.com.
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END
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