Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksINL.L Regulatory News (INL)

  • There is currently no data for INL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

19 Feb 2015 07:00

RNS Number : 2942F
Inland Homes PLC
19 February 2015
 



19 February 2015

Inland Homes PLC

("Inland Homes" or the "Group")

 

Trading Update

Inland Homes, the specialist housebuilder and brownfield land developer, today provides the following update on trading ahead of its Half Year Results announcement for the period ended 31 December 2014.

Highlights:

 

· 199 residential units under completion (2013: 47) - an increase of 323% year on year

· Planning consent (or resolution to grant planning consent) received on 568 residential plots in the current financial year

· Cash balances of £9.8m at 31 December 2014 (2013: £8.9m)

 

The Group has achieved a very strong performance for the six months to 31 December 2014, with 199 (2013: 47) residential units being completed (including units being managed on behalf of Drayton Garden Village Limited ("DGVL")), representing an increase of 323% over the previous year. 30% of these sales were assisted by the Government's Help to Buy scheme. The average selling price of these units was £239,000 (2013: £271,000).

 

Although there were no land sales during the first half of the current financial year we are expecting to dispose of a number of sites in the second half. DGVL's sale of 205 plots at Drayton Garden Village to an institutional operator in the private rented sector is expected to conclude in the current financial year with the purchaser forward funding the entire development. The purchaser is looking for scale and is evaluating some of Inland Homes' other sites suitable for this purpose.

 

Land bank

 

The Group has received planning consent or resolution to grant planning consent on 568 residential plots in the current financial year and planning applications for a further 557 residential plots are awaiting a decision. As previously announced, the Group has also made representations on seven strategic sites for the delivery of up to 1,500 residential units. We currently have pre-planning application submissions on 11 sites for approximately 1,700 residential units. At Wilton Park, Beaconsfield, planning permission has been obtained to construct an access road and we expect the adoption of the development brief by South Bucks District Council in the current financial year.

 

The land bank is currently in excess of 4,000 plots including sites owned or contracted, under option, controlled or where terms have been agreed with a number of further new opportunities in hand.

 

Cash and funding

 

The Group had cash balances of £9.8m at 31 December 2014 (2013: £8.9m) and net borrowings of £24.8m (2013: £14.7m) including zero dividend preference shares of £12.0m (2013: £10.0m). The joint venture agreement with Christian Candy's CPC Group Limited provides further funding power for Inland Homes to exploit some of the new land opportunities.

 

 

Stephen Wicks, Inland Homes' Chief Executive commented:

 

"Inland Homes has delivered significant growth during the first half of the current financial year with record sales in both unit and revenue terms. The size of the business has expanded and is set to grow further with the new funding sources. We are well placed to deliver strong growth during the remainder of this financial year."

 

Enquiries:

www.inlandplc.com

AIM: Ticker: INL

Inland Homes plc

finnCap

Blytheweigh

Stephen Wicks, Chief Executive

Nominated Adviser & Broker

IR & Media Relations

Nishith Malde, Finance Director

Paul Brett, Land Director

 

Corporate Finance:

Matthew Robinson or

Simon Hicks

Tim Blythe: 07816 924626

Alex Shilov: 07989 394027

or

Tel: +44 (0) 1494 762450

Corporate Broking:

Rhys Williams

Tel: +44 (0)20 7138 3204

 

Tel: +44 (0) 20 7220 0500

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTTPMRTMBIBBRA
Date   Source Headline
4th Oct 20237:00 amRNSCancellation - Inland Homes Plc
27th Sep 20232:30 pmRNSIntention to appoint Administrators & Cancellation
11th Sep 20235:00 pmRNSBreach of loan covenant
5th Sep 20237:00 amRNSBoard Changes
5th Sep 20237:00 amRNSInland ZDP PLC Board Changes
30th Aug 20239:59 amRNSPossible breach of loan covenant
3rd Aug 202310:30 amRNSDirector Appointment & New Board Responsibilities
24th Jul 20232:00 pmRNSUpdate on related party matters
24th Jul 20237:00 amRNSNew CEO, Board Changes & Proposed Acquisition
20th Jul 20237:00 amRNSCheshunt Lakeside Update
3rd Jul 202312:36 pmRNSRefinance at Cressing, Essex
30th Jun 202311:16 amRNSInland ZDP PLC Half-year Report to 31 March 2023
30th Jun 202310:10 amRNSInland ZDP PLC Half-year Report
16th Jun 20234:54 pmRNSUpdate on audit timetable
31st May 20236:31 pmRNSInland Homes
22nd May 20237:00 amRNSPlanning Consent
25th Apr 20237:00 amRNSHolding(s) in Company
19th Apr 20236:12 pmRNSHolding(s) in Company
19th Apr 20236:10 pmRNSHolding(s) in Company
19th Apr 20236:09 pmRNSHolding(s) in Company
19th Apr 20235:10 pmRNSTotal Voting Rights
13th Apr 20236:18 pmRNSResults of Direct Subscription
12th Apr 20234:45 pmRNSLaunch of Direct Subscription
11th Apr 20231:05 pmRNSUpdate on Audit Timetable
4th Apr 20232:56 pmRNSHolding(s) in Company
4th Apr 20232:50 pmRNSHolding(s) in Company
3rd Apr 202312:30 pmRNSTotal Voting Rights
3rd Apr 202311:28 amRNSHolding(s) in Company
3rd Apr 20237:30 amRNSSuspension - Inland Homes plc
31st Mar 20231:53 pmRNSResult of AGM
30th Mar 20233:45 pmRNSResult of Direct Subscription
30th Mar 20232:05 pmRNSSecond Price Monitoring Extn
30th Mar 20232:00 pmRNSPrice Monitoring Extension
29th Mar 20234:45 pmRNSLaunch of Direct Subscription & Updates
27th Mar 20237:00 amRNSExchange of contracts with Housing Association
24th Mar 20234:35 pmRNSPrice Monitoring Extension
24th Mar 20234:32 pmRNSInland Homes signs Self Remediation Contract
24th Mar 20233:00 pmRNSHolding(s) in Company
23rd Mar 20237:00 amRNSUpdate on related party matters & audit timetable
17th Mar 202312:30 pmRNSAppointment of Non-Executive Director
14th Mar 202310:00 amRNSAppointment of new Chairman
9th Mar 202310:10 amRNSPlanning consent granted at Cheshunt Lakeside
8th Mar 20231:36 pmRNSNotice of AGM
2nd Mar 20232:05 pmRNSSecond Price Monitoring Extn
2nd Mar 20232:00 pmRNSPrice Monitoring Extension
1st Mar 202311:00 amRNSPrice Monitoring Extension
1st Mar 20237:00 amRNSBoard Changes
28th Feb 20238:46 amRNSDelay of Full Year Results
17th Feb 202311:43 amRNSSuccessful renegotiation of bank covenants
9th Feb 202312:05 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.