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96XN Clarion Fund 48

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Name Symbol Market Type
Clarion Fund 48 LSE:96XN London Medium Term Loan
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 0 -

Clarion Funding plc Group Annual Report 2022/23 (7778H)

31/07/2023 3:17pm

UK Regulatory


Clarion Fund 48 (LSE:96XN)
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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

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END

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(END) Dow Jones Newswires

July 31, 2023 10:17 ET (14:17 GMT)

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