Clarion Funding plc Group Annual Report 2022/23 (7778H)
July 31 2023 - 10:17AM
UK Regulatory
TIDM96XN TIDM51GC
RNS Number : 7778H
Clarion Funding plc
31 July 2023
Clarion Funding plc
31 July 2023
CLARION REPORTS RESILIENT PERFOMANCE AS INVESTMENT IN EXISTING
HOMES EXCEEDS GBP1M A DAY
Clarion Housing Group has today published its Annual Report and
Accounts for the financial year 2022/23, showing increased
expenditure and investment in its homes compared to the prior year,
despite the challenging economic background.
GBP397 million was spent by the Group on maintaining and
improving its homes, compared to GBP364 million in the prior year.
In addition, it built 2,032 new homes - 78% of which were for
affordable tenures.
The Group reported a turnover of GBP1,008 million (2021/22:
GBP1,059 million), and a surplus of GBP97 million (2021/22: GBP186
million).
The 5% reduction in turnover was driven by lower development
sales, which was partially offset by an increase in the Group's
core social housing rental income.
The surplus was impacted by a number of one-off costs during the
course of the year, including GBP45 million linked to a debt
portfolio rationalisation project which strengthens the Group's
credit position. Excluding all one-off costs, the underlying net
surplus was GBP185 million (2021/22: GBP206 million) - representing
a strong performance in the current operating environment.
Excluding one-off costs from both the current and prior year,
operating margin has been maintained at a solid 30%.
The Group's annual report also highlights the work it has
undertaken during the year to tackle condensation, damp and mould
in residents' homes, as well as the strides it has made in its
energy efficiency retrofit programme. This includes a commitment to
invest GBP108 million to upgrade the energy efficiency of some of
its hardest to heat homes, supported with GBP49 million of social
housing decarbonisation grant funding.
Mark Hattersley, Chief Financial Officer at Clarion Housing
Group, said:
"We are pleased to report a robust set of results where all our
surplus is retained within the business for reinvestment in our
homes and communities. Despite the many pressures we are facing,
responsible financial management has enabled us to increase our
expenditure and investment in our existing homes and maintain the
supply of new homes which are so desperately needed. Our resilient
financial position will ensure that we can continue to deliver for
those who matter most, our residents."
Ends
For more information, contact Lucy Pond, senior communications
manager: lucy.pond@clarionhg.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACSBXGDRIUXDGXB
(END) Dow Jones Newswires
July 31, 2023 10:17 ET (14:17 GMT)
Clarion Fund 48 (LSE:96XN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Clarion Fund 48 (LSE:96XN)
Historical Stock Chart
From Sep 2023 to Sep 2024