Clarion Housing Group: Firm behind major Yorkshire schemes sees turnover reach £1bn in 2024

It also completed 1,727 homes, up from 1,538 in 2023, with just under 84 per cent for affordable tenures.

In a statement to the London Stock Exchange, the firm said it was pleased to report a “robust financial performance”.

It added: “There remains a chronic shortage of affordable housing in England, and we are pleased to have been able to increase the number of homes completed during the year.

“We retain a longer-term ambition to raise this level of delivery but will continue to deliver our pipeline at a pace that allows us to maintain a resilient financial profile.”

The firm said its future homes pipeline currently stands at 20,173, an increase from 19,694 homes in 2023.

Latimer, the development arm of Clarion Housing Group, is the company behind a recently completed project in which York’s iconic Rowntree’s Factory was transformed into an £80m residential development, named The Cocoa Works.

Completed in December, the project saw the famous site – which was first established in 1890 and was home to confectionery brands including KitKat, Aero, Smarties and Milkybar – redeveloped into 279 apartments.

Latimer is also behind the major Dyecoat development in Leeds, located on Kirkstall Road.

Once completed, the project will see the creation of 1,792 homes, including 355 student rooms and over 4,000 square metres of commercial space.

The company first broke ground on the development in November of 2022.

Richard Cook, group development director at Latimer, previously described the project as being part of a “game-changing” regeneration of the Kirkstall Road corridor.

During the financial year, Clarion Housing Group invested £439m in new homes, a drop from £501m in 2023, and £123m in its existing homes, down slightly from £129m in 2023.

The firm said the reduction in spend on new homes over the year had been driven by delays to starts on some of its larger sized schemes.

The company’s Housing Fixed Assets stood at £8.91bn, up from £8.66bn as at 31 March 2024.

Clarion said that it was continuing to review the need for year end impairments and provisions, including building safety and remediation provisions, adding that it currently anticipates these costs will be around £20m.

The company said that it was continuing to seek recovery of these costs from third parties where appropriate.