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Inland Homes posts flat revenues despite marked drop in completions
15th Oct 2019 08:55
(Sharecast News) - Brownfield developer Inland Homes reported flat revenues for the 15-month trading period ended 30 September despite witnessing a significant drop in private housing completions.
Inland Homes said on Tuesday that revenues had edged up by just 0.67% to £151m as private housing completions more than halved to 130 as a result of a significant number of large-scale apartment developments under construction only being ready for occupation following the handover of completed blocks.
The AIM-listed firm's partnership housing equivalent units increased 313% against the prior period, in line with the company's increased penetration into the marketplace.
Inland also locked in planning consent for a 100-acre Wilton Park site in Beaconsfield and a new urban village of 1,725 homes in Cheshunt, Hertfordshire. The two consents were expected to lead to a "considerable increase" in the value of the group's assets and provide a "significantly improved" pipeline for its business activities.
Chief executive Stephen Wicks said: "We have maintained our significant growth trajectory whilst investing heavily in high-quality staff and systems, at the same time as improving build quality and increasing satisfaction with both customers and partners.
"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."
As of 0850 BST, Inland Homes shares were up 0.69% at 79.94p.
Inland Homes said on Tuesday that revenues had edged up by just 0.67% to £151m as private housing completions more than halved to 130 as a result of a significant number of large-scale apartment developments under construction only being ready for occupation following the handover of completed blocks.
The AIM-listed firm's partnership housing equivalent units increased 313% against the prior period, in line with the company's increased penetration into the marketplace.
Inland also locked in planning consent for a 100-acre Wilton Park site in Beaconsfield and a new urban village of 1,725 homes in Cheshunt, Hertfordshire. The two consents were expected to lead to a "considerable increase" in the value of the group's assets and provide a "significantly improved" pipeline for its business activities.
Chief executive Stephen Wicks said: "We have maintained our significant growth trajectory whilst investing heavily in high-quality staff and systems, at the same time as improving build quality and increasing satisfaction with both customers and partners.
"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."
As of 0850 BST, Inland Homes shares were up 0.69% at 79.94p.