6 Jun 2019 07:00
6 June 2019
Inland Homes plc ("Inland Homes", "Group" or "Company")
Major planning applications and change of accounting reference date
Inland Homes (AIM: INL) the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, is delighted to announce that the planning application for the Group's flagship site, Wilton Park in Beaconsfield, Buckinghamshire was heard by the planning committee on 5 June 2019 and has received a resolution to grant planning permission subject to the signing of a s106 agreement.
Our 100 acre site at Wilton Park, described by Savills as the best residential opportunity in southern England, has taken a significant step forward. A planning permission will enable the delivery of 350 homes as well as commercial and community space within a parkland setting with an estimated gross development value of £350 million. Wilton Park is the Group's flagship development site, benefitting from its close proximity to junction 2 of the M40 and to Beaconsfield and Seer Green stations, providing access to London Marylebone within 23 minutes. A further part of the site is subject to a draft allocation for development which if adopted could provide up to 250 more homes and 200,000 sq ft of commercial space.
The deferral of the planning decision last month at Cheshunt Lakeside, Hertfordshire has resulted in a delay in achieving the planned transactions on this project for June 2019. The planning decision is scheduled to be heard by the planning committee on 25 June 2019.
Positive decisions on both these sites will result in an increase in their respective EPRA valuations.
Going forward, the Board will be reviewing the appropriate split between its land trading business and its growing partnership & homebuilding businesses, recognising the greater value attributed to income streams with higher visibility of revenue and the Group's established construction capabilities.
The Board believes it is important to capture as much value as possible following significant planning decisions and reflect them in the Company's results. It has therefore decided to change the Company's accounting reference date and financial year end from 30 June to 30 September. The effect of this change is to extend the current financial period to 30 September 2019, becoming a 15 month period. Consequently, the Company will release its audited final results for the 15 months ending 30 September 2019 no later than 31 January 2020 and will provide a trading update to the market in early October 2019, following its new financial period end. Thereafter the Company will release its unaudited interim results for the 6 months ending 31 March by 30 June and its audited final results for the 12 months ending 30 September by 31 March in accordance with the AIM Rules for Companies.
Stephen Wicks, CEO of Inland Homes, commented:
"We have continued to build on the underlying value of our projects since our half-year end results and a significant amount of effort has been put into both Cheshunt Lakeside and Wilton Park.
"After a number of years of hard work on Wilton Park, I am delighted with the positive decision delivered by the planning committee yesterday. With planning approval anticipated in June 2019 on Cheshunt Lakeside and subsequent value realisation, it is appropriate that we extend our reporting period by three months in order for us to report to shareholders on the effect to the underlying value of the Group."
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 Erik Anderson |
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Instinctif Partners | Tel: +44 (0) 20 7 457 2020 |
Mark Garraway James Gray |
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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