LONDON (Alliance News) - Housebuilder and land developer Inland Homes PLC Tuesday said its pretax profit surged in the first half of its financial year as revenue increased sharply on the back of higher house sales, prompting the company to declare its first interim dividend.
Inland said its pretax profit for the six months to the end of December was GBP6.1 million, up from GBP3.6 million a year earlier, as revenue rose to GBP54.5 million from GBP12.8 million.
It sold 199 homes in the half, up from only 47 a year before, and said it is confident of further growth in the second half, with its forward sales position for the Drayton Garden Village project at GBP30 million and progress made at its Wilton Park, Abbeywood Park, West Plaza and Carter's Quay projects.
Its current land bank is at 4,512 plots and the group said it intends to focus on acquiring larger projects which will accelerate the pace of accumulating a more substantial land bank.
Inland said it will pay a maiden interim dividend of 0.3 pence per share.
"I am very encouraged by the group's robust first half performance, with the land bank at an all-time high and demand for homes and land continuing to be strong," said Inland Chief Executive Stephen Wicks.
"The maiden interim dividend declared today is testament to the strength of Inland's growth strategy, solid financial position and future prospects. I am confident that the group is well placed for continued progress in the current financial year and beyond."
Still, Inland shares were down 1.35 to 66.85 pence on Tuesday. The stock is still up 13% so far in 2015 after rising strongly in the run-up to the results.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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