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11 Mar 2021 07:00
11 March 2021
Inland Homes plc
("Inland Homes", "Group" or "Company")
AGM Statement
Inland Homes plc, the brownfield developer and housebuilder focused on building residentially led developments for direct sale or on behalf of partner organisations, is today holding its Annual General Meeting ("AGM"). The AGM will be a closed meeting, held with the minimum required quorum present due to COVID-19 restrictions. The Chairman, Terry Roydon, will make the following comments:
"Last year, the business responded quickly to the unprecedented challenges presented by the COVID-19 pandemic. We took the opportunity to refocus our strategic priorities on increasing the size of our land bank; securing capital light opportunities; using the flexibility within our model to maximise the value of land; and deliver homes that meet market need in a cost-efficient way.
This allowed us to start the current year in a better position and to deliver on our core objective to reduce net debt. The Group is progressing well in the roll-out of its capital-light business model, private home sales remain in line with last year and existing projects are poised to deliver significant cash flow which will deliver tangible progress in meeting this objective.
After fourteen years I today hand over the position of Chairman. Inland Homes has made great progress since I joined but there are still plenty of opportunities ahead. I anticipate that the Company will perform strongly as it enters the next stage of its growth, and I wish it every success."
Since 1 October 2020, the Group's asset management division has achieved a resolution to grant planning consent for 583 units on the former Homebase site in Walthamstow and has submitted a planning application for 1,629 homes on the 36.7-acre Cavalry Barracks site in Hounslow. The Group aims to finalise the Section 106 agreements for its schemes at Hillingdon and Walthamstow shortly, thus releasing both planning consents for the projects to be delivered.
As these asset management projects are funded by third-party investors, this area of the business offers particularly attractive returns with reduced capital and risk. The asset management division currently has six live projects underway acting on behalf of investors, which together have the potential for around 3,100 homes.
The Group continues to report sustained demand from the private buyer market, with the weekly net reservation rate steady at 0.69. In total, the Group has achieved 97 net reservations since 1 October 2020. The Government's extension to the Stamp Duty Land Tax holiday and the 95% mortgage Government guarantee is welcome; however, the Group firmly believes that reform to planning is what is really required to properly address the ongoing shortage of new homes.
The Group's total forward order book currently stands at £50.3m for private homes (reserved or contracted), including a contracted block sale of 85 units and a contracted sale of a hotel and £68.9m for partnership housing contract income. In addition, the Group has contracted to sell a parcel of land for £14.0m (including payments for infrastructure works) subject to certain conditions being fulfilled.
A detailed update on progress in the Company will be provided with the interim results in June 2021.
Enquiries
Inland Homes plc: | Tel: +44 (0)1494 762450 |
Stephen Wicks, Chief Executive |
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Nishith Malde, Finance Director |
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Gary Skinner, Managing Director |
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Panmure Gordon (UK) Limited | Tel: +44 (0)20 7886 2500 |
Dominic Morley |
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Erik Anderson |
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Instinctif Partners | Tel: +44 (0)20 7457 2020 |
Mark Garraway |
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Rosie Driscoll |
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Galyna Kulachek |
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Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.
The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.
Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.
For further information, please visit the Inland Homes website at: www.inlandhomes.co.uk
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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