Clarion has reported a 10% drop in both its turnover and surplus for 2023/24.

The 125,000-home housing association giant, in its financial statements for the year to 31 March, has reported turnover of £993m, down from £1.1bn last year.

Its overall surplus also fell from £97m to £87m, and its operating surplus, which excludes one-off items, dropped from £261m to £237m.

The group’s operating surplus from core social housing lettings increased 12% from £162m to £182m.