TIDM96XN TIDM51GC
RNS Number : 1312O
Clarion Funding plc
27 January 2023
Clarion Funding plc
The following amendment has been made to the 'Quarterly
performance update' announcement released on 27 January 2023 under
RNS No 10970.
The previous version gave an incorrect figure for repairs
satisfaction, this has been corrected from 80.9% to 90.1%
All other details remain unchanged.
The full amended text is shown below
CLARION HOUSING GROUP Q3 2022/23 PERFORMANCE UPDATE
Clarion Housing Group's Quarterly Performance Update covering
the period to 31(st) December 2022
Financial performance
The unaudited management accounts for the nine months to 31(st)
December 2022 show a turnover of GBP758 million (Q3 2021/22: GBP783
million), delivering an operating surplus of GBP234 million (Q3
2021/22: GBP249 million). The reduction in turnover has been
predominantly driven by a decrease in sales income, partially
offset by additional net rental income. The lower operating surplus
compared to the prior year reflects the higher levels of cost
inflation, increased expenditure on repairs and maintenance and
additional provisions against rent arrears linked to the
cyber-attack last summer.
The Group continues to invest significantly in its existing
homes with expenditure of GBP92 million to the end of Q3 (Q3
2021/22: GBP89 million). Due to challenging new build market
conditions, which include materials shortages and pricing
challenges, the Group maintains a cautious approach to investment
in new homes with expenditure of GBP344 million (Q3 2021/22: GBP497
million).
Housing fixed assets stood at GBP8.33 billion, up from GBP7.90
billion as at 31 March 2022. Drawn debt was GBP4.39 billion, down
from GBP4.45 billion at 31 March 2022. Liquidity remains strong at
GBP1.10 billion (31 March 2022: GBP1.12 billion) with committed and
fully secured loan facilities of GBP5.41 billion (31 March 2022:
GBP5.44 billion).
Operational performance
Repairs satisfaction surveys have continued following the cyber
security incident with the most recent measure at 90.1%, exceeding
the internal target of 85%. Overall customer satisfaction surveys
resumed in November with the score being measured just above our
internal target, at 80.9%.
The Group has completed 1,251 new homes so far this financial
year (Q3 2021/22: 1,586), 70% of which were for affordable tenures.
While this remains a strong level of new housing delivery it also
reflects the currently challenging economic and market
conditions.
Outright market and shared ownership sales generated an income
of GBP172 million, lower than the prior year (Q3 2021/22: GBP222
million) but with an increased margin of 14% (Q3 2021/22:
11.7%).
Condensation, damp and mould
The Group has in place a clear action plan for tackling
condensation, damp and mould. In December, we announced we will be
hiring 100 additional members of staff to help prevent and treat
the issue in residents' homes, as part of a new GBP5 million annual
investment package.
We have also written to all residents with support and advice on
how to best prevent damp and mould in their property, while
encouraging people to get in touch with us and report any
issues.
Supporting our residents and communities
Since April, the Group's charitable foundation, Clarion Futures,
has helped 1,644 people into work and 54 people to set up their own
business. It has also helped 3,931 people into training.
A total of 9,439 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
GBP362,790 to local community projects.
In November, we announced a new GBP500,000 fund specifically to
help our residents manage through the cost of living crisis.
Sustainability
Latimer, the development arm of Clarion Housing Group, has been
named the most sustainable not-for-profit house builder in the
country, in the latest 'Next Generation' report, the leading
sustainability benchmark for the UK's housebuilding sector.
Latimer was named third overall among all housebuilders in this
year's report, as well as being the highest-ranked housing
association developer for the year. It also scored the best among
the top 25 housebuilders for its specific work on environmental
site management, socio-economic development and design standards of
its recent projects.
During the quarter Clarion was also re-awarded the Certified
Sustainable Housing Label by Ritterwald, with high scores achieved
across the three dimensions of environment, social and governance.
Clarion has held this accreditation since 2020.
ENDS
For more information, please contact:
Andrew Hill, Director of Treasury and Corporate Finance, Clarion
Housing Group - 0208 315 3239 / andrew.hill@clarionhg.com
Lucy Pond, Senior Communications Manager, Clarion Housing Group
- 020 3840 1645/ 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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