20th Sep 2018 10:57
LONDON (Alliance News) - Inland Homes PLC on Thursday said revenue grew in its recently-ended financial year on a record number of property sales, but profit declined due to a non-repeating revaluation gain.
The housebuilder said pretax profit in the year to the end of June slipped to GBP19.3 million from GBP19.6 million reported a year earlier, despite revenue rising sharply to GBP147.4 million from GBP90.7 million.
In the previous financial year, the company benefited from a GBP1.5 million property revaluation uplift.
Profit before revaluation and tax for the recently-ended financial year improved, however, to GBP19.3 million from GBP18.1 million.
During the period, the company said it completed 257 open market homes compared to 188 completed at the same time in 2017. Sales numbers reached record high of 837 building plots versus 780 plots a year earlier.
The average sales price of the company's residential units dropped slightly to GBP293,000 from GBP306,000 the year prior, but Inland Homes said it continues to see significant demand from first-time buyers.
Inland Homes increased its final payout by 29% to 1.55 pence per share from 1.20p paid the year before. The total dividend was also lifted by 29% to 2.20p from 1.70p.
"Despite potential political and regulatory headwinds, the overall health of the sector is positive, particularly the part of the market in which we operate and where we believe there will continue to be ongoing support for the products that we are offering," said Chief Executive Stephen Wicks.
Shares in Inland Homes were trading 1.4% higher on Thursday at 63.90 pence each.
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