TIDM96XN TIDM51GC
RNS Number : 1475H
Clarion Funding plc
25 July 2023
Clarion Funding plc
CLARION HOUSING GROUP Q1 2023/24 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 30 June 2023
Financial performance
The unaudited management accounts for first quarter of the
financial year 2023/24 show a turnover of GBP243.9 million and an
operating surplus of GBP52.8 million. Direct comparatives for the
three months to June 2022 are not available due to the impact of
the cyber security incident last year. However, revenue is broadly
similar to last year and operating surplus is lower but within
expectations, given the lower level of planned disposals in Q1 2023
versus Q1 2022 and the increased investment in repairs and
maintenance.
The Group has continued to invest significantly in its existing
homes, with GBP27.3 million invested in improvements by the end of
June 2023. GBP105.8 million was also invested in our new homes
programme, a lower level compared to recent years reflecting a
continuation of the more cautious approach we have adopted in light
of challenging market conditions.
Housing Fixed Assets stood at GBP8.39 billion, the same position
as for the full financial year ending 31 March 2023. Drawn debt was
GBP4.49 billion, up marginally from GBP4.46 billion as at 31 March
2023. Liquidity stood at GBP0.97 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 overall customer satisfaction target of
80%, with the score last measured at 82%. Repairs performance
remains good, with satisfaction last measured at 90.3%, exceeding
our internal target of 85%.
Rent arrears has improved to 8.4%, from 8.7% at the end of the
last financial year. Our Tenancy Sustainment teams continue to work
with our residents in need of support, and our charitable
foundation, Clarion Futures, provides a range of services to help
residents maximise their income and manage their finances.
The Group has completed 141 homes over the first quarter the
financial year - of which 65% were for affordable tenures. The
current pipeline remains in excess of 20,000 homes, and we retain
significant flexibility over the timing of delivery of these homes,
depending on market conditions.
Outright market and shared ownership sales generated a sales
income of GBP35.5 million, with a margin of 10.1%.
Sustainability
In April, Clarion's individual and partnership work to retrofit
homes as part of the government's landmark Social Housing
Decarbonisation Fund was shortlisted in two separate categories -
'Green Homes Upgrade of the Year' and 'Collaboration of the Year' -
in the inaugural Unlock Net Zero Live Awards. The awards recognise
and champion the housing sector's progress on the journey to
decarbonisation.
Supporting our residents and communities
During the first quarter, the Group's charitable foundation,
Clarion Futures, has supported 510 people into jobs and 1,770 into
training. In addition, 25 people have been helped to set up their
own business.
Rising costs of living means demand for support from our Clarion
Futures Money service remains high, and 3,091 money guidance and
financial inclusion interventions have been made by the service and
its external partners.
During the quarter, we have awarded a total of GBP59,577 in
grant funding to organisations including food banks, community
groups 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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