26th Mar 2014 11:05
LONDON (Alliance News) - Inland Homes PLC Wednesday said Drayton Garden Village Ltd (DGVL) has paid the final outstanding deferred consideration of GBP4.73 million due to the Minisry of Defence regarding its purchase of Drayton Garden Village.
As a result of the final payment being made, the housebuilder said its share of profit for the provision of development services provided by the group to DGVL has increased to the maximum limit of 90%.
Inland said it expects its share of future profits from January 1 from the Garden Village this year to be around GBP5.4 million, net of tax, which is equivalent to 2.66 pence per share.
The company said during its own current financial year, DGVL completed the sale of 31 residential units, which it developed for open market sale for a total of GBP9.9 million.
DGVL is currently marketing the sale of 48 residential plots and expects to complete this sale by June. Once this sale has been completed Drayton Garden Village will have 247 residential plots with planning consent which have yet to be developed, Inland Homes added.
The stock was trading at 49.30 pence Wednesday morning, up 0.30 pence or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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