Clarion Housing Group has today announced its half year results for 2018/19. The results at the mid point in the year show an increased turnover compared to the same period last year (H1 2018/19: £410 million, H1 2017/18: £407 million) and increased investment in new homes (H1 2018/19: £240 million, H1 2017/18: £203 million).
The Group built 420 new homes in the six months to 30th September and announced a number of significant development deals, including a joint venture to deliver 1,500 new homes in Plymouth, bringing the Group’s pipeline to c.15,000 new homes - two thirds of which will be affordable. Investment in existing properties saw a significant increase with the Group spending £54 million (H1 2017/18: £38 million) on capital improvements. A slight rise in operating costs was seen which was driven predominately by an increased volume of compliance and safety work.
In addition, the Group’s charitable foundation, Clarion Futures, delivered £57 million in social value.
Clare Miller, Group Chief Executive, said:
“The Group’s second ever set of half year results show that already we have built a strong foundation from which to accelerate delivery of new homes and continue to provide high quality services to our residents.
“In April 2018 we launched the first phase of our new Enterprise Resource Planning system which will transform our business and the way our customers are able to transact with us, ensuring we are fit for the future. We also secured a number of land deals in the first half of the year and expect to have started over 2,500 homes by the end of March 2019.
“Clarion is a financially strong and resilient organisation and we intend to utilise our scale and capacity to fulfil our social mission.”
The half year results are available on Clarion’s website now.