31st Jan 2020 10:39
(Alliance News) - Property developer Inland Homes PLC on Friday reported a year-end earnings rise with its net assets also jumping.
Its annual report is for the 15 months to September 30, the company changed its year-end date from the end of June to be "more closely aligned to value recognition and the operational cycles of the business".
Revenue in the 15 month period climbed 0.3% to GBP147.9 million from GBP147.7 million from the year ended June 30, 2018.
Inland Homes said: "The small increase is due to lower revenues being generated from the sale of residential plots and a reduced number of private homes being completed during the period. This is due to the nature of our construction programme on a number of our large-scale apartment developments, where legal completions can only be achieved on handover of completed blocks."
Pretax profit was 30% higher at GBP25.0 million from GBP19.3 million.
EPRA net asset value was up 13% to GBP233.9 million from GBP206.7 million. Per share, it was 11% higher at 113.69 pence from 102.28p on June 30, 2018.
Inland Homes shares were 2.1% lower at 83.25 pence each in London on Friday morning.
Inland Homes said: "Over the past 15 months, the group has made significant and tangible progress across its key performance segments which include its land activities, the provision of planning and management services to investors, private housebuilding and partnership housing activities."
Excluding joint-ventures, the company sold 532 plots, down 36% from 837 plots in the year to June 2018. Revenue from plots of land sold fell by more than half to GBP29.2 million from GBP59.3 million.
Average selling price per property came in at GBP250,000 during the 15 months, down 15% from GBP293,000 in the comparative period.
"The reduction is due to a change of mix of houses and apartments sold as well as the locations of the homes sold," the company explained.
Inland Homes upped its full-year payout by 41% to 3.10p per share from 2.20p.
"Having secured planning consent at Wilton Park and Cheshunt Lakeside, with a record number of homes under construction (both for private sale and on behalf of partners) and increased market confidence following the general election, Inland Homes has all the components in place to deliver even more success and shareholder value in the year ahead," the company said.
Also reporting on the same 15 month period was subsidiary Inland ZDP PLC.
ZDP's net asset value per share was 7.5% higher at 159.42p per share, from 148.23p at the end of June 2018.
The company, which is owned by housing plot developer Inland Homes PLC through Inland Homes 2013 Ltd, has a structure which comprises unlisted ordinary shares and zero preference shares traded on the London Stock Exchange.
Inland ZDP has lent the proceeds of all its placings to Inland Homes and, as part of a loan agreement, Inland Homes is required to repay the loan on April 2024.
Inland ZDP shares were 0.5% lower at 161.68 pence each in London on Friday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
INL.LInland Zdp