Clarion Funding plc - Group Annual Report and Accounts 2024/25

Clarion Funding PLC

25 July 2025

Clarion marks 125th anniversary with record £1.087bn turnover and £1bn in social value delivered

Clarion Housing Group, the UK's largest social landlord, has published its audited Annual Report and Accounts for 2024/25, reporting a record turnover of £1.087 billion [2023/24: £0.993 billion] in a year where its charitable foundation, Clarion Futures, achieved the milestone of delivering more than £1 billion in social value since its launch in 2016.

The achievement comes as Clarion marks its 125^th anniversary, underlining the scale and endurance of its mission to deliver affordable homes and invest in communities at a time of ongoing housing and economic pressures. During the year, 1,505 residents were supported into work, 5,400 households received money and energy guidance, and more than £1 million in grants were awarded to local organisations across the country.

The Group reported a £232 million operating surplus [2023/24: £237 million] and a net surplus of £82 million [2023/24: £87 million] while continuing to channel investment into both new and existing homes. This reflects a strong underlying performance compared to the prior year, particularly as these figures also include £29 million of impairments and provisions for building safety and remediation, as well as contractor failure and challenging market conditions. Recovery of these costs will continue to be sought from third parties where appropriate.

Total expenditure on housing reached £837 million in the year, of which £420 million relates to new homes and regeneration [2023/24: £486 million] and £417 million to maintaining and improving existing properties [2023/24: £418 million].

Clare Miller, Group Chief Executive, said:

"Clarion's role as a long-term, mission-driven investor in homes and places has never been more relevant. As we mark 125 years of delivery, this year's results reflect both our resilience and our social purpose - from the 1,727 new homes delivered, to the more than £1 billion in social value generated for communities across the country since 2016."

"The government's recent 10-year housing settlement offers the long-term certainty the sector has called for, and we welcome the flexible, grant-based model which we hope will enable us to unlock thousands of homes in our pipeline."

Clarion also recorded improved customer satisfaction, with scores rising to 84.7% overall [2023/24: 84.0%] and 90.4% [2023/24: 90.0%] for repairs, supported by its modernisation initiative, Connect. Connect contributed £8.7 million in annualised efficiency savings including more responsive local services and a faster lettings service.

Clarion has more than 20,000 homes in its development pipeline and remains one of the few housing associations to operate at national scale. It was also the first to publish a Climate Transition Plan, which sets out a clear and costed roadmap to achieving net zero carbon by 2050.

Of the 1,727 homes completed in the year, more than 83% were for affordable tenures - a notable increase from 67% the previous year - contributing directly to the delivery of the genuinely affordable homes our country still desperately needs.

Mark Hattersley, Chief Financial Officer, said:

"These results demonstrate that, whilst operating in a constrained economic environment, Clarion has been able to deliver improved services to its residents, build more new affordable homes, invest in our existing homes and maintain a strong and resilient financial profile.  Our financial strength - demonstrated by our successful return to the capital markets during the financial year - means we are well positioned to deliver on our long-term objectives and withstand ongoing market volatility." 

"I am proud of what our dedicated staff have achieved for our residents and our communities and look forward to working with them all as we embark on the next 125 years of our journey."

The 2024/2025 Annual Report and Accounts are available in full here: https://www.clarionhg.com/about-us/what-we-do/clarion-annual-report

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All enquiries to Olly Clitheroe, Communications Manager at Clarion Housing Group, at oliver.clitheroe@clarionhg.com or 07858 089815.