17th Jun 2015 06:53
LONDON (Alliance News) - Inland Homes PLC Wednesday said it expects its pretax profit in the current financial year to "significantly" beat analysts' forecasts after it sold 205 residential plots with planning permissions at the Drayton Garden Village development to a "major housebuilder" for GBP19.0 million.
The specialist housebuilder and brownfield land developer had been in talks with an institutional investor in the private rented sector about the sale of the plots, but those discussions were suspended when the unnamed housebuilder swooped in with a "significant offer".
"The sale of these apartment plots at Drayton Garden Village is an excellent conclusion for this development site where all the residential plots have now been either sold or are under development. Although it was unfortunate that the discussions with the institutional investor in the Private Rental Sector did not conclude on this site, we hope to continue our discussions with them in respect of other sites within the Group's extensive land bank," Inland Homes Chief Executive Stephen Wicks said.
"Demand for the group's land and homes continues to be very strong and I am very pleased to report that the board expects to significantly exceed current market consensus for the profit before tax in respect of the current financial year," he added.
Inland Homes thinks that the analysts' consensus pretax profit forecast for the year to end-June is GBP12.7 million.
By Steve McGrath; [email protected]; @stevemcgrath1
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