PenArian Housing Finance PLC                                                           

ClwydAlyn Housing Limited

We are delighted to announce that our Moody’s Credit opinion has remained as A3 Stable. 

Summary

The credit profile of ClwydAlyn Housing (ClwydAlyn, A3 stable) outlook reflects ClwydAlyn’s low-risk business model focused on social housing lettings, its strong market position in Wales and low gearing at 38% in fiscal 2024, which reflects the more generous grant regime in Wales. Despite its ambitious development plans, we expect its debt metrics to remain strong relative to peers. The ratings also incorporate its low operating margins driven in part by a high proportion of turnover generated from care and supported housing. ClwydAlyn’s ratings also incorporate our view that there is a strong likelihood that the UK government would act in a timely manner to prevent a default.

The full version of the rating can be found on the Moody’s website. 

ClwydAlyn Housing Limited | Overview | Moody’s

PenArian Housing Finance PLC                                                           

ClwydAlyn Housing Limited

We have been notified that effective from 1 October 2025, Beever and Struthers have merged with Menzies LLP (Company Registration No. OC336077).

Following the merger, Beever and Struthers now operates as part of Menzies LLP.  The merger does not affect the audit engagement team or the delivery of audit services to the Group. Our audit partner remains as the principal responsible for the Company’s external audit.

Menzies LLP is regulated by the Institute of Chartered Accountants in England and Wales (ICAEW), registration number C001840915, and is an approved Public Interest Entity (PIE) Audit Registered Firm.

Financial Update – October 2025

PenArian Housing Finance PLC               

“Together, we will end poverty”

Overview

ClwydAlyn continued to perform well throughout 2024/25, and we are now pleased to present our Financial Statements showing strong growth to £64million an increase of £6milion compared to prior year. This growth is delivered through a combination of building more homes, continuing development of support services and the careful increases to rent and service charge income while remaining devoted to affordability for our residents.

https://www.clwydalyn.co.uk/wp-content/uploads/2025/09/Financial-Accounts-Year-End-2025.pdf

The closure of the 2024/25 Financial Year also marked the end of the Corporate Plan 2020/25. Over those years we have delivered 902 new homes, 95% of which were EPC A rated. We received over £170million in Welsh Government grant and other capital funding streams to invest in new homes. We also invested £47million in maintaining and upgrading our existing homes with over 1,000 homes benefitting from new boilers and heating systems, over 900 new windows and doors, over 1,600 new kitchens and bathrooms and almost 900 adaptations to support residents to live safely and independently in their homes.

During the Corporate Plan 2020/25 we also kept our promise, with no evictions into homelessness over the past five years. A promise we will keep in our new Corporate Plan 2025/30 which we have recently launched. We have updated our Mission slightly Together to end Poverty, reinforcing our purpose and have three corporate objectives which underpin this:

§ ENDING HOMELESSNESS – An end to homelessness would mean that no-one is sleeping on the street, and no-one is living in temporary accommodation.

§ WARM HOMES – At ClwydAlyn all our residents would live in warm homes. They are homes that are energy efficient and affordable to heat and live in.

§ GOOD AFFORDABLE FOOD – In our future world, ClwydAlyn residents would all have access to good food. This means no one goes hungry or skips meals.

These are supported by a further two enabling objectives:

§ LOYAL STAFF – Who believe in our work and feel that ClwydAlyn values and support them.

§ CORPORATE SUPPORT – Services that enable the corporate objectives to be achieved.

Cashflow

Cashflow management remains strong, and we continue to hold a minimum of 24 months-worth of committed net cashflows in funds or facilities available for drawdown. We have recently completed a further flexible loan arrangement with Principality, a Welsh lender, providing funds to support our planned development program. Following a review of the Treasury Strategy we also intend to increase the RCF facility over the coming year.

Rating

We were pleased to retain our ‘A Stable’ credit rating with Standard and Poor’s and Moody’s rating of A3 ‘stable’.

Should you have any queries regarding this update you can contact:

Company Secretary                                  rachel.storr-barber@clwydalyn.co.uk
Executive Director of Resources           sandy.murray@clwydalyn.co.uk

PenArian Housing Finance PLC
Financial Accounts – Year End 2025

ClwydAlyn Housing Association Financial Statements are available through our website.  The results are in line with our budget for the year.

https://www.clwydalyn.co.uk/wp-content/uploads/2025/09/Financial-Accounts-Year-End-2025.pdf

Environmental, Social and Governance – Year End 2025

We are pleased to announce the publication of our fourth Environmental, Social and Governance (ESG) Report. This year’s report highlights our continued progress in embedding sustainability, transparency and responsible business practices across all areas of our operations. It demonstrates our commitment to delivering long-term value for our stakeholders whilst making a positive impact on the communities we serve and the environment we operate in. The report outlines key achievements over the past year, including measurable improvements in environmental performance, social value creation, and governance standards, reinforcing our dedication to driving sustainable growth and accountability.

The full ESG Report is available on our website and at the link below.

Environmental-Social-and-Governance-Report-2024-to-2025.pdf

PenArian Housing Finance PLC                                                           

ClwydAlyn Housing Limited

We are delighted to announce our S&P Credit opinion for June 2025.  ClwydAlyn’s outlook has remained as ‘A’ stable.   

The full version of the rating can be found using the following link on our Investor page.

https://www.clwydalyn.co.uk/wp-content/uploads/2025/06/SP-Global-Ratings-03-June-2025.pdf

PenArian Housing Finance PLC

Financial Update – Winter 2025

Overview

ClwydAlyn continue to perform well to Q3 2024/25 and have a strong forecast for the financial year, with an expected operating margin of 20.4%.

Forecast turnover for the financial year is £63.4 million which is £475K lower than budgeted due to delays in opening the extra care scheme in Welshpool. Development of new properties has however continued at pace and 82 new homes have been brought into management so far this year with a further 231 expected by 31^st March 2025. There are 456 homes in development, currently on site, and a further 690 planned to start on site in the next 2-3 years. All new homes are developed to EPC A standard, and we have continued to invest heavily in decarbonisation projects, with £4.5 million of Optimised Retrofit Project grant funding having been utilised during this financial year.

We continue to improve the number of empty homes across the portfolio, with 109 empty properties (33 strategic voids) at the end of December, which compares favourably with the December 2023 position of 144 empty properties (23 strategic voids). Our forecast void losses are expected to be higher than budget however and work continues to reduce the length of time that properties are empty in order to mitigate these losses. Our expenditure is currently forecast below budget due to the delays in opening the extra care scheme in Welshpool and savings on financing costs. The overall impact of careful cost control is driving the strong margin position while enabling growth.

At the end of 23/24, an issue emerged across the sector regarding the administrative requirements of the new Renting Homes Wales Act. This is the subject of continuing legal action and ClwydAlyn is awaiting the outcome. We do not expect that the implications of this judgement will be material for ClwydAlyn.

Cashflow

Cashflow management throughout 24/25 has been very strong with no further draw down of funds required. Existing cash balances alongside grant funding for specific projects have been effectively utilised to manage the cash position during the year and a review of further funding requirements is underway. We continue to hold a minimum of 24 months-worth of committed net cashflows in funds or facilities available for drawdown.

Rating

We were pleased to retain our ‘A Stable’ credit rating with Standard and Poor’s after their review in July 2024. Our Moody’s rating was reviewed in October 2024 and remained at A3 ‘stable.’

Staffing

Our Executive Director of People, Culture and Communications, Sian Williams FCIPD, started in July 2024 and our Executive Director of Resources, Sandy Murray FCMA, started in October 2024. This completes the Executive Team.

Should you have any queries regarding this update you can contact:

Company Secretary                                  rachel.storr-barber@clwydalyn.co.uk
Executive Director of Resources           sandy.murray@clwydalyn.co.uk

We are delighted to announce an update to our Moody’s Credit opinion.  ClwydAlyn’s outlook has remained as A3 Stable. 

Summary
The credit profile of ClwydAlyn Housing (ClwydAlyn, A3 stable) reflects its focus on social housing lettings, which provides stable and predictable revenue, its strong market position in Wales and low gearing balanced against its weaker operating margins than peers. ClwydAlyn benefits from the strong regulatory framework governing Welsh housing associations (HAs) and our assessment that there is a strong likelihood that the government of the UK (Aa3 stable) would act in a timely manner to prevent a default.

The full version of the rating can be found on the Moody’s website.  https://www.moodys.com/ 

PENARIAN HOUSING FINANCE PLC 71HO Analysis – Stock | London Stock Exchange