Clarion Funding plc Half Year Report and Accounts 21-22 (7598V)

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RNS Number : 7598V

Clarion Funding plc

15 December 2021

Clarion Funding plc

15 December 2021

Clarion Housing Group has today published its accounts for the half year ending 30 September 2021 .

The Group's turnover increased to GBP512 million (2020: GBP432 million) and its net surplus increased to GBP100 million (GBP71 million), while overall customer satisfaction was maintained over its 80% target, ending the year at 80.8%. In addition, Clarion increased its investment in its existing homes to GBP53 million (2020: GBP29 million) and increased its development output, completing 892 new homes (2020: 860) - of which 86% were for affordable tenures.

During the period, Clarion was announced as a Strategic Delivery Partner by Homes England, which will see the Group bring forward 4,770 new affordable homes under the Affordable Homes Programme 2021-26. Clarion has also been allocated grant funding from the Greater London Authority to support its plans to deliver 2,000 new affordable homes in the capital between 2021 and 2026.

Building safety remained a top priority for Clarion and GBP18.6 million was invested in fire safety. In September, the Group acted quickly and in accordance with advice following a series of in-depth investigations and evacuated its 22-storey Large Panel System building in Bow, Clare House.

Clarion has increased its focus on sustainability this year and has completed its first pilot homes as part of the Social Housing Decarbonisation Fund Demonstrator to significantly upgrade more than 100 of its most energy inefficient homes in Fenland and Tonbridge. During the first half of the year, the Group also raised GBP300 million in its third sustainable bond issue, with a peak order book of over GBP1.2 billion, to help fund the delivery of new, energy-efficient homes.

Mark Hattersley, Chief Financial Officer, commented: "I'm proud that we have delivered such a strong financial and operational performance during the first half of the year. Our financial strength and resilience provides the platform for us to continue to build new homes, support our residents and invest in Clarion communities across the country."

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For more information, please contact:

Patrick Minjauw, deputy treasurer, Clarion Housing Group - 0207 378 5580 / [e-mail]

Lucy Pond, senior communications manager, Clarion Housing Group - 0207 378 5555 / [e-mail]

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December 15, 2021 06:21 ET (11:21 GMT)