15th Oct 2019 10:39
(Alliance News) - Inland Homes PLC said Tuesday that trading for the 15 months to the end of September was in line with management expectations, supported by a strong rise in partnership housing.
In June, Inland Homes changed its financial year-end to September 30 from June 30. The housebuilder said at the time that it was important to "capture as much value as possible following significant planning decisions".
For the 15-month period ended September 30, revenue was GBP151 million. Inland Homes said this compared to GBP150 million in 2018, but didn't specify the financial year-end for the comparison period, nor whether it was a 12- or 15-month period. A spokesperson for Inland Homes could not be reached immediately for comment.
A year ago, Inland Homes reported its revenue for the financial year ended June 30, 2018 at GBP147.4 million.
A sharp rise in Inland's partnership housing equivalent units to 339 on September 30 from 82 as at June 30, 2018 was balanced out by a fall in open market completions to 200 from 275.
The fall in completions was due to a fall in private housing completions - to 130 from 275. This was a result of a significant number of large scale apartment developments being constructed, for which occupations can only be achieved on the handover of completed blocks.
As at September 30, Inland Homes had a total land bank of 7,796 plots, of which 3,068 have planning permission. The gross development value of the group's entire land bank now exceeds GBP2 billion, it said.
Looking ahead, Inland said there is strong demand from housing associations for the delivery of "turnkey" projects, while the requirement for affordable homes remains high on government and local authority agendas.
The group believes that it is in a strong position to grow its partnership housing business on its current land bank.
"The business is performing well at all levels and we are laying the foundations for significant future growth. With the benefit of our new planning permissions and the momentum that has been achieved, we are now well set to increase the scale and breadth of the business," said Chief Executive Stephen Wicks.
Inland Homes will report its results for the 15-month period in January 2020.
Shares in Inland Homes were down 0.5% at 79.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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