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Clarion Funding plc (96XN)

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Friday 26 July, 2019

Clarion Funding plc

Quarterly performance update

RNS Number : 8964G
Clarion Funding plc
26 July 2019

Clarion Funding plc


Clarion Housing Group today announces its audited financial results for 2018/19 and provides an update on performance in Q1 2019/20.

Download the Group's Annual Report and Accounts 2018/19 here.


Clarion Housing Group's Quarterly Performance Update covering the period to 30 June 2019.

Financial performance

The unaudited management accounts for the first quarter of the financial year show an operating surplus of £ 73 million, an increase on £72 million in 2018/19.

Housing Fixed Assets stood at £7.21 billion, up from £7.12 billion as at 31 March 2019. Drawn debt as at 30 June 2019 was £3.97 billion, up from £3.89 billion as at 31 March 2019. Liquidity stood at £0.65 billion (31 March 2019: £0.75 billion) and committed and fully secured loan facilities were £4.45 billion (31 March 2019: £4.46 billion).

Shortly after the end of period the Group priced a £100 miliion tap of its existing 2048 bond utilising its EMTN programme documentation.

Operational performance

Customer satisfaction continues to be on target at 80.5%. Repairs performance shows continued strength, with customer satisfaction with last repair at 89.8%, well ahead of the internal target of 80%.

Rent arrears stood at 5.4%. As previously reported, this remains a priority focus for the business with enhancements planned for the new ERP system over the next two months.  There is no evidence to date that this increase is associated with the new welfare benefit regime.

Total capital investment in new homes in the period to 30th June was £126 million, an increase from £81 million in the same period the year prior. Completions of outright sales and shared ownership generated an income of £23 million (2018/19: £23 million) with a margin of 18% (2018/19: 29%), in line with expectations. During the quarter there were 326 new homes completed, 319 of which were for affordable tenures, while 681 homes were started, 638 of which were for affordable tenures. The average number of defects per home was low at 1.5 per property.

In June the first residents at the major regeneration project at Sherwood Close in west London moved into their new homes and work began on 125 affordable homes in Portslade, Brighton.

Appointment of New Chair of Housing Association Board

David Orr has been appointed to chair the Clarion Housing Association Board. He will take over the role from David Avery, who has recently been appointed to chair the Clarion Housing Group Board.

David Orr joined the Group Board in November 2018, after serving for 13 years as the Chief Executive of the National Housing Federation (NHF) in 2018. He has had a thirty year career in housing, which includes time as the Chief Executive of Newlon Homes and working for Centrepoint, the homelessness charity. In his time as the CEO of the NHF, David campaigned to advance the interests of housing associations at all levels of government and worked with four different prime ministers.



For more information, please contact:

Gareth Francis, director of treasury and corporate finance, Clarion Housing Group - 0778 7555655 / [email protected]

Lucy Pond, communications manager, Clarion Housing Group - 0771 8269023 / [email protected]



The information contained herein (the "Trading Update") has been prepared by Clarion Housing Group Limited (the "Parent") and its subsidiaries (the "Group"), including 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 a pro t 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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