Inland Homes PLC AGM Statement (6282Q)
01 December 2016 - 6:00PM
UK Regulatory
TIDMINL
RNS Number : 6282Q
Inland Homes PLC
01 December 2016
1 December 2016
Inland Homes PLC
('Inland Homes', 'Inland', the 'Company' or the 'Group')
AGM Statement
Inland Homes (AIM: INL), the specialist housebuilder and
brownfield land developer, provides the following statement ahead
of its Annual General Meeting to be held today, 1 December 2016 at
11.00am.
The Group's housebuilding programme is gaining significant
momentum with a record 394 homes currently under construction
across 12 sites. 54 Homes have been reserved since the start of the
new financial year, which is an average of 2.5 units per week. Of
particular note recently was the off-plan launch of 54 units at
Meridian, Southampton where 12 units have been reserved in the
first eight weeks. This scheme has consent for 351 homes to be
constructed in four phases.
Adding to this, Inland Homes is pleased to announce today the
receipt of planning consent for 239 units at our site, Lily's Walk
in High Wycombe which is in our joint venture with CPC Group
Limited. Lily's Walk is a prime 3.5 acre site in the centre of High
Wycombe, located directly opposite the Eden Shopping Centre.
Since 1 July 2016, the Group has received planning consents or
resolutions to grant planning consents on 373 plots and 19,000
square feet of commercial space. We have planning applications
awaiting determination for 1,746 residential units, with
applications for, approximately, a further 470 residential units to
be submitted very shortly.
The land bank currently stands at 7,220 plots, of which 1,415
have a planning consent or a resolution to grant planning consent.
There are pre-application discussions regarding a further 1,802
plots ongoing.
As reported in the annual accounts for the year ended 30 June
2016, the timing of the construction of our sites, together with
planned land sales is such that a major part of our profitability
in the current financial year will be realised in the second half.
The previously reported setback that was caused by the financial
failure of a contractor, which resulted in the slight delay of 23
legal completions, is now virtually behind us and the momentum is
gathering with a growing number of sites being constructed by our
in-house build team.
Stephen Wicks, Chief Executive at Inland Homes, commented:
"Following on from the robust set of results we announced in
October, which reflected a year of significant operational and
strategic progress, we are pleased to report that the momentum is
continuing to escalate behind our building programme, with a record
number of homes for the business under construction, underpinning
the Company's growth strategy.
"The investment we have made in developing our in-house
construction capability to self-deliver our homes is already
producing tangible benefits and it's an area of the business that
we are continuing to focus on to further increase levels of
certainty on delivery, whilst reducing costs. Moreover, we are
working on a number of initiatives through which we hope to be able
to offer even lower cost housing in the South East, where price
remains a barrier to many people owning their own home. We look
forward to providing some more detail on this is in the New
Year."
ENDS
Enquiries:
Inland Homes plc: Tel: +44 (0)
1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited (Nominated Tel: +44 (0)
Adviser): 20 7710 7600
David Arch
Jessica Cave
FTI Consulting: Tel: +44 (0)20
3727 1000
Dido Laurimore
Claire Turvey
Polly Warrack
This information is provided by RNS
The company news service from the London Stock Exchange
END
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