24th Jan 2019 10:35
LONDON (Alliance News) - Inland Homes PLC on Thursday warned that legal completions in the year to June 30 will be lower than comparative financial year due to timing of occupations on large developments of apartments.
The company achieved 81 legal completions of private home sales in the six months to December 30 at an average price of GBP238,000.
Shares in the company were trading 1.9% lower on Thursday at 55.40 pence each.
Inland Homes, which currently has 1,550 homes under construction across 14 sites, also said that it has secured a GBP65 million four-year revolving credit facility from HSBC Holdings PLC. The new loan facility will replace the current GBP20 million facility with Barclays PLC.
The housebuilder said the new facility provides greater capacity to support its growing housebuilding operations on improved terms. The company intends to use the new facility in conjunction with borrowings from other lenders to support its growth plans.
"The more than doubling of our debt facilities, on improved terms, provides a strong platform to fund our housebuilding output and complete our transition from a business that was largely focused on land trading towards our stated target of delivering 1,000 homes per annum across private and partnership housing," said Inland Homes Chief Executive Stephen Wicks.
Related Shares:
INL.L