Housing association on target for near 20% rise in annual numbers
Clarion has increased its completions by more than 30% in the first half of the year, the housing association said in interim results yesterday.
It added it had completed 792 homes in the six months to 30 September, up on the 606 for the same period the previous year.
The group has set a target of building 1,828 homes in 2024/25 as a whole, which if achieved would represent a 19% increase on last year鈥檚 figure of 1,538.
But the update showed Clarion spent less on new homes, investing 拢196m in development compared to 拢234m the year before which it put down to several jobs starting on site later than planned.
Clarion鈥檚 spend on existing homes also fell 鈥� from 拢205m to 拢177m over the same period.
The half year figures also show Clarion increased its turnover from 拢486m to 拢542m and nearly doubled its net surplus from 拢35m to 拢68m.
The 125,000-home provider said this was due to higher rental income and increased income from stock disposals.
The group made 301 more sales in the first half of the year than the same period last year, generating 拢19m of surplus, compared to 拢13m.
Group chair Jock Lennox said: 鈥淐ognisant of our exposure to a challenging market and volatile supply chain costs, we have been taking a cautious approach to development but these numbers represent a strong level of delivery and are improved on the same period last year.鈥�
Lennox added there are 鈥渟ignificant challenges鈥� ahead and it is working through the implications of the National Insurance rise announced in the Budget and the implementation of Awaab鈥檚 Law, which requires landlords to tackle and repair hazards, such as damp and mould, in fixed timescales.
鈥淲e will need to assess the resources we will need to facilitate new regulation and how we may need to adapt our business plan,鈥� he said.
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