LONDON - Clarion Housing Group released its half-year accounts today, showcasing a robust financial performance with a significant increase in turnover and operating surplus. The results for the six-month period ending September 30, 2024, reveal a turnover of $542 million, up from $486 million in the same period last year. The operating surplus also rose to $138 million from the previous year's $109 million.
The net surplus saw a substantial rise to $68 million, compared to $35 million in the first half of the previous fiscal year. This growth is primarily attributed to higher rental income and an increase in surplus on disposal, which outpaced the rise in operating costs.
Clarion Housing Group has maintained its focus on enhancing existing properties and delivering new social housing. In the first half of the year, the Group invested $220 million in the development and refurbishment of homes, which is more than triple the net surplus. It completed 792 properties, a boost from 606 in the prior year, 78% of which were designated for affordable tenures.
The Group's charitable arm, Clarion Futures, received a $7 million investment during the same period, aiding 793 individuals in finding employment, training 2,412 people, and assisting 35 entrepreneurs in starting their businesses.
Mark Hattersley, Chief Financial Officer of Clarion Housing Group, commented on the results and the company's outlook. He highlighted the achievements at the mid-year mark and expressed confidence in the Group's ability to navigate the typically challenging winter season, maintaining a financially sound position.
Clarion Housing Group's commitment to its community and environmental responsibilities was also underscored. The company's recent activities include launching a new community center in Ealing and introducing its inaugural Nature Recovery Strategy.
The Group's successful capital market engagement was marked by a new $250 million 33-year sustainability bond issued in May, reflecting investor confidence.
This news article is based on a press release statement from Clarion Housing Group.
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