Inland Homes FY trading 'inevitably' impacted by Covid-19

Brownfield developer and housebuilder Inland Homes said on Monday that full-year trading had been "inevitably" impacted by the Covid-19 pandemic.

Inland Homes said it now anticipates revenues for the twelve months ended 30 September to be no less than £135.0m, with its revenue run-rate coming in at a higher level year-on-year due to an increased number of partnership housing developments, which continued to generate "significant monthly revenue".

During the year, the AIM-listed group highlighted it had completed the sale of 226 private homes, a marked improvement on the 202 sold during the fifteen-month period ended 30 September 2019, with each property having an average selling price of £287,000 - up from £250,000.

Inland also said it had sold 449 plots during the year and had grown its land bank to a record 11,045 plots from the 7,796 reported at the end of the prior period.

Looking forward, Inland Homes stated that while the economic outlook remained "uncertain", the group said there was still a "fundamental shortage" of "high-quality, affordable housing" in the UK, thus creating a "sustained demand" for its land assets, homes and expertise.

Chief executive Stephen Wicks said: "The past six months have been one of dedicated focus to achieve the group's stated strategic aims, namely a refocus for the group on a clear strategy of land-focused activities geared to positive cash generation and net debt reduction."

"We start the new financial year with cautious optimism and a record land bank: buoyed by sustained demand from customers, investors, developers and housing associations for our quality land assets, homes and expertise and equipped with a stronger balance sheet."

As of 1315 GMT, Inland Homes shares were up 1.73% on 52.90p.