Clarion Housing Group has recorded a “strong and resilient financial performance” as turnover increases in its latest half year results.
Turnover for the six months to 30 September 2024 showed an increase of 11.5 per cent to £542 million from £486 million in the same period the year prior.
The group recorded an operating surplus of £138 million (H12023/24: £109 million).
Both results show an improved performance compared to the first six months of the previous year.
In the group’s latest 2023/24 annual report, turnover slipped slightly to £993 million but remained comparable to the prior year with £1 billion.
The improvement of Clarion’s H12024/25 results over the year prior are reflected in the net surplus increasing to £68 million (H1 2023/24: £35 million).
The year-on-year gain is mainly due to increased rental income and increased surplus on disposal, which more than offset higher operating costs.
The group said it remains committed to improving its existing properties and delivering more new social housing.
Clarion has invested £220 million in new and existing homes in the first half of the year, over three times the net surplus for the period.
The group also completed 792 properties (up from 606 in the first half of 2023/24) – of which 78 per cent were for affordable tenures.
During the period, £7 million was invested in the group’s charitable foundation, Clarion Futures, and supported 793 people into jobs, 2,412 into training and 35 people have been helped to set up their own business.
Clarion is the UK’s largest social landlord, with 360,000 residents in 125,000 homes and a presence in more than 170 local authorities.
Clare Miller, Clarion CEO, said: “At the end of what had been an incredibly difficult financial year last March, I was cautiously optimistic about the green shoots of improvement we were seeing in the economic environment.
“We finished the year having preserved a robust financial position due to our careful planning and I’m pleased to report we have been able to build on this and present a strong set of financial accounts at the midpoint of the current financial year.”
Mark Hattersley, chief financial officer, said: “While we are heading into what can be the more challenging winter period, we are well placed to continue to deliver for our residents and retain a financially robust position.
“Alongside the strong financial performance, we have delivered an increased number of new homes and continue to invest significantly in our homes and in our communities. We couldn’t achieve all of this without the ongoing support of our investors.”
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