TIDM96XN TIDM51GC
RNS Number : 7583J
Clarion Funding plc
28 April 2022
Clarion Funding plc
CLARION HOUSING GROUP Q4 2021/22 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 31 March 2022
Clarion Housing Group announces the following update ahead of
its Annual Report for the year ended 31 March 2022.
Note: Figures quoted in the update are based on unaudited
management accounts, which are subject to review and further
adjustments, for example in the areas of pensions, investment
property and financial instrument valuation and taxation.
Comparative data is from the audited financial statements for the
year ended 31 March 2021 ("2020/21").
Financial performance
The Group is pleased to report a strong financial performance
for the financial year 2021/22. The unaudited management accounts
for the 12 months to 31 March 2022 show a turnover of GBP1,059
million (2020/21: GBP944 million), delivering an operating surplus
of GBP301 million (2020/21: GBP258 million) and a full year pre-tax
net surplus of GBP167 million (2020/21: GBP122 million).
The Group has invested significantly in its new homes programme,
with GBP135 million invested in existing stock (2020/21: GBP95
million) and GBP619 million invested in new homes (2020/21: GBP607
million). Fire safety remains a key priority and a total of GBP40.1
million was spent on our fire safety programme (2020/21: 26.7
million).
Housing Fixed Assets stood at GBP 8.17 billion, up from GBP7.78
billion as at 31 March 2021. Drawn debt was GBP4.45 billion, up
from GBP4.32 billion as at 31 March 2021. Liquidity stood at
GBP1.12 billion (31 March 2021: GBP1.07 billion) with committed and
fully secured loan facilities at GBP5.44 billion (31 March 2021:
GBP5.27billion).
Operational performance
The Group continues to be focussed on its customer service and
has maintained its overall customer satisfaction target of 80%
throughout the year - last measured at 80.1%. Repairs satisfaction
was also consistently above the 85% target and was last measured at
90.5%.
Arrears improved in the quarter, reducing to 5.65% from 5.97%.
Our tenancy sustainment teams and our charitable foundation,
Clarion Futures, also continue to provide a range of support and
advice for residents facing financial difficulties.
Though the operating environment was challenging, over the year,
the Group has been able to deliver a record number of new homes -
2,276 homes were completed (2020/21: 2,126), and 86% of these were
for affordable tenures. The current development pipeline stands at
21,742 homes.
Outright market and shared ownership sales performed well,
generating a sales income of GBP307.4 million (2020/21: GBP213.3
million), with an increased margin of 13% (2020/21: 9%) prior to
any final adjustments .
Sustainability
Thanks to a successful joint bid with Fenland District Council,
Clarion has been awarded GBP5.2 million as part of the Government's
Social Housing Decarbonisation Fund (SHDF).
Clarion will now partner Fenland, Merton and Tonbridge and
Malling councils to 'retrofit' and reduce the carbon emissions of
hundreds of its least energy efficient homes across the three
regions - in turn saving residents hundreds of pounds a year on
energy bills.
Supporting our residents and communities
Over the year, the Group's charitable foundation, Clarion
Futures, has invested a total of GBP13.8 million, including GBP4.06
million in external funding, in our residents and communities. A
total of 3,717 people have been supported into work by our jobs and
training service - including 160 apprenticeships - and 114 people
were helped to set up their own business. Crucially, over 70% of
the people we supported into work sustained their employment beyond
six months. High demand for support from our Clarion Futures Money
service has continued and 20,248 money guidance and financial
inclusion interventions were made during the last 12 months.
During the year, we have awarded a total of GBP611,031 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, Head of Treasury, 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
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