Clarion increases turnover and surplus in first half

Clarion has reported increased turnover and operating surplus for the six months to 30 September, as it was boosted by disposals.

The 124,000-home housing association, in a trading update, said its turnover for the half-year was £538m, up on the £522m for the same period last year.

Its operating surplus rose from £163m to £189m over the same period, which the group said was supported by higher rent and other income and a higher disposal surplus, partially offset by impairments. Its net surplus before tax rose from £86m to £114m.

The group completed 613 homes in the first half of the year, down from 678 in the prior period. However it started work on nearly 1,000 homes (972).

The group increased its spend on development from £253m to £290m and its spend on improvements to existing stock from £54m to £65m.