Inland Homes PLC AGM Statement (6313X)
28 November 2017 - 6:00PM
UK Regulatory
TIDMINL
RNS Number : 6313X
Inland Homes PLC
28 November 2017
28 November 2017
Inland Homes plc
AGM Statement
Inland Homes plc (AIM: INL), the specialist brownfield land
developer and housebuilder, provides the following statement ahead
of its Annual General Meeting to be held today, 28 November 2017,
at 11.00 am.
The Group's land bank currently stands at 6,860 plots, of which
2,467 (36%) have a planning consent or a resolution to grant
planning consent. There are 471 plots with planning applications
submitted and pre-application discussions on a further 1,964 plots
ongoing.
Since 1 July 2017 the Group has received planning consents or
resolutions to grant planning consent on 442 plots and 15,000
square feet of commercial space. This included a resolution to
grant planning consent on 357 units at our site, the former
Brooklands College campus, in Ashford, Middlesex, which is in our
Project Helix joint venture. This is a 10 acre town centre site
with extremely good transport links that sits between Heathrow
airport and the M3. 15,000 square feet of commercial space will
also be delivered as part of this project.
The Group's housebuilding programme is continuing to grow
rapidly, with 581 units currently under construction (including
joint ventures) and a further 445 expected to be started by June
2018. Reservations are at a healthy level, with 139 net
reservations across 11 sites since 1 July compared to 54 across 5
sites in 2016. Similarly forward sales stand at GBP40.7 million
(2016: GBP22.3 million), an increase of 82.5%. This reflects the
increase in our housebuilding output and confidence in both the
market in which we operate and the price point.
In addition, we have 86 units being built across our three
partnerships with Housing Associations, with a further 135 set to
begin early in the second half. This is an area which the Group
intends to expand, as it achieves a payment for the land up front
which allows the recognition of land profits. Similarly, the
associated build contract is self-funding and cash positive and
these transactions will provide a balance to open market
speculative housebuilding.
Stephen Wicks, CEO at Inland Homes, commented: "We are making
considerable progress across the business since announcing our Full
Year results, through the ongoing implementation of our growth
strategy. We continue to leverage our specialist core development
skills to secure planning consents across the portfolio, whilst the
investment we have made in our housebuilding operations is allowing
us to significantly increase our construction output, whilst
improving certainty of delivery and benefitting from further cost
efficiencies.
"The market remains supportive for Inland Homes, with ongoing
strong demand for affordably priced homes in the South East and a
number of encouraging measures announced by the Government that
should benefit us. We will continue to explore new initiatives that
allow us to deliver more units whilst generating good shareholder
returns, and are well-placed to do this through the strong
relationships we have in place with housing associations, local
authorities and other stakeholders."
Enquires:
Inland Homes plc Tel: +44 (0)
Stephen Wicks, Chief Executive 1494 762450
Nishith Malde, Finance Director
Stifel Nicolaus Europe Limited (Nominated Tel: +44 (0)
Adviser): 20 7710 7600
David Arch
FTI Consulting: Tel: +44 (0)20
3727 1000
Dido Laurimore
Claire Turvey
Richard Gotla
Methuselah Tanyanyiwa
This information is provided by RNS
The company news service from the London Stock Exchange
END
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