Group Annual Report and Accounts 2023/24

Clarion Funding plc

17 July 2024

 

Clarion Funding plc

17 July 2024

Clarion invested over five times its annual surplus in improving existing homes
and building more affordable housing in 2023/24

Clarion Housing Group has today published its audited financial results for 2023/24 in its Group Annual Report and Accounts. http://www.rns-pdf.londonstockexchange.com/rns/8061W_1-2024-7-17.pdf

The accounts demonstrate a robust and resilient performance with an operating surplus of £237 million (2023: £261 million) and a net surplus of £87 million (2023: £97 million). These results have been delivered against an unprecedented backdrop of financial and operational challenges faced by both the housing sector and the country over the course of 2023/24. Turnover remained comparable to the prior year at £993 million (2023: £1,008 million).

The Group again focussed on delivering for its residents, investing more than £400 million in maintaining and improving properties, spending £18 million (2023: £17 million) on supporting our communities and achieving an improved overall customer satisfaction score of 83.8% (2023: 81.0%). Although the Group adopted a more cautious approach to development, it still delivered over 1,500 new homes  - the majority of which (67%) were for affordable tenures.

The Group Annual Report notes Clarion's charitable foundation, Clarion Futures, helped almost 8,000 people into jobs, training, or self-employment during the year, while across the entire organisation £123 million was delivered in social value. In addition, the rents charged in the year were more than £500 million below the Local Housing Allowance (LHA), which equates to a saving of more than £9 million per week to our residents and the public purse.

Mark Hattersley, Chief Financial Officer, said: "We continue to deliver in a really challenging operating environment, so I am immensely proud of our teams across the business who have delivered a strong set of results while seeking to maintain and improve the services we provide our residents. This approach ensures we maintain the financial strength that underpins our long-term future and to build the new homes we so desperately need."

"A key milestone in the year has been the transformation programme we embarked upon named Connect, which will see us improve how we do things and enable us to provide a consistently good service to our residents. We are already seeing some positive early results and I am looking forward to what more we can deliver over the years to come."

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For more information, please contact Lucy Pond, Senior Communications Manager: [e-mail]

 

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