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News13 December 2022

Clarion reports resilient performance in half-year accounts

Clarion Housing Group has today published its accounts for the half year ending 30 September 2022.

Against the backdrop of a challenging external environment, the Group has delivered a net surplus of £101 million (2021: £100 million), all of which has been reinvested back into its homes and communities. £168 million was spent improving and maintaining homes (2021: £156 million) and 785 new homes were completed – 84% of which were for affordable tenures.

The Group saw a slight reduction in turnover, at £481 million (2021: £512 million) - predominantly driven by a decrease in sales income and partially offset by additional net rental income. Operating surplus ended the half year at £150 million (2021: £164 million), reflecting the higher levels of cost inflation, increased expenditure on repairs and maintenance and additional provisions against rent arrears linked to the cyber-attack.

Following the cyber-attack which occurred in June, Clarion has been working to bring its systems back online safely and securely and it is now delivering services as normal.

Key operational highlights during the first half of the year include achieving final planning approval for the first 200 new homes at Clarion’s Eastfields estate in Merton ‐ one of the largest regeneration projects in the country.

In addition, Clarion has created a dedicated team to tackle condensation, damp and mould and has invested in new equipment to support its early detection, taking advantage of new technology in order to track property interventions and measure and report on results. The new, proactive and data‐led approach allows problems to be caught early, before they become more disruptive for residents.

The services delivered by the Group’s charitable foundation, Clarion Futures, remain as vital as ever as the cost of living crisis impacts households across the country. During the first six months of the year, Clarion Futures has helped 944 people into work and 29 people to set up their own business. It has also helped 1,903 people into training. A total of 5,506 actions were undertaken by the Money Guidance Team and its external partners to help residents manage their money more effectively in these difficult times.

Mark Hattersley, Chief Financial Officer, commented:

“We are pleased to report a good set of results, despite the significant economic pressures. We are well placed to navigate these challenges and absorb many of the shocks of the external market, whilst continuing to support our residents and provide homes to those that need them most.”