TIDM96XN TIDM51GC
RNS Number : 8684P
Clarion Funding plc
21 October 2021
Clarion Funding plc
CLARION HOUSING GROUP Q2 2021/22 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 30 September 2021
Financial performance
The Group is pleased to report a continuing strong financial
performance. The unaudited management accounts for the six months
to 30 September 2021 show a turnover of GBP512 million (Q2
2020/21*: GBP432 million), delivering an operating surplus of
GBP165 million (Q2 2020/21: GBP139 million).
The Group's total capital investment in existing homes during
the first half of the year was GBP53 million, an increase from
GBP29 million for the same period last year which reflected the
Covid-19 related restrictions and a focus on emergency-only repairs
during a portion of that time. Total capital investment in new
homes during the first half of the year was GBP319 million (Q2
2020/21: GBP274 million).
Housing Fixed Assets stood at GBP7.96 billion, up from GBP7.78
billion as at 31 March 2021. Drawn debt was GBP4.41 billion, up
from GBP4.32 billion as at 31 March 2021. Liquidity stood at
GBP1.20 billion (31 March 2021: GBP1.07 billion) with committed and
fully secured loan facilities at GBP5.48 billion (31 March 2021:
GBP5.27 billion).
Operational performance
The Group continues to surpass its customer satisfaction
targets, with repairs satisfaction last measured at 90.8% (target:
85%) and overall customer satisfaction last measured at 82.5%
(target: 80%).
Rent arrears has decreased slightly from 6.0% the previous
quarter to 5.9% and remains within our Covid-adjusted tolerance. We
continue to provide a range of well-used support services to help
our residents sustain their tenancies.
The Group completed 892 new homes during the first half of the
year (Q2 2020/21: 860), 86% of which were for affordable tenures.
The current development pipeline is 22,456 homes. Outright market
and shared ownership sales generated an income of GBP138 million, a
significant increase from the GBP77 million generated during the
same period last year, with a margin of 10.9% (Q2 2020/21: 9%).
Supporting our residents and communities
Since April, the Group's charitable foundation, Clarion Futures,
has helped 2,031 people into work and 49 people to set up their own
business. It has also helped 2,426 people into training.
A total of 9,091 actions were undertaken by the Money Guidance
Team and its external partners to help residents manage their money
more effectively.
Through its grants programme, Clarion Futures allocated
GBP324,483 to local community projects.
Building new homes
In September, Clarion was announced as a Strategic Delivery
Partner by Homes England, having been allocated GBP249.7 million to
deliver 4,770 new affordable homes under the Affordable Homes
Programme 2021-26 - helping to accelerate delivery across the
country.
We have also been allocated GBP240 million in grant funding from
the Greater London Authority to support our plans to deliver 2,000
new affordable homes in London between 2021 and 2026.
ENDS
* 2020/21 Q2 figures taken from the unaudited Interim Report and
Accounts of the Half year ended 30 September 2020 (
https://www.clarionhg.com/media/2144/chg-hy-report-and-accounts-2020-21.pdf
)
For more information, please contact:
Patrick Minjauw, deputy treasurer, Clarion Housing Group - 0207
378 5580 / patrick.minjauw@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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