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Annual Results

Inland Homes hikes divi as profits rise

28 September 2017 07:30

Inland Homes has reported a robust financial performance and significant strategic land successes in the year to the end of June.

Pre-tax profits rose to £18.1 million (2016 restated: £15.7 million), net of a revaluation uplift of £1.5 million (2016: £18 million) on the investment properties at Wilton Park and the board has proposed a 33% increase in final dividend to 1.2p (2016: 0.9 p) per share.

Other highlights: - EPRA NAV 91.88p (2016 restated: 88.22p) - up 4.1%

- Adjusted EPRA NAV 96.22p (2016 restated: 92.34p) - up 4.2%

- 12.2% increase in net asset value to £130.6 million (2016 restated: £116.3 million)

- Improved debt maturity profile, with 100% of group borrowings now due in more than one year and over 50% due in more than three years. Chief executive Stephen Wicks said: 'We are pleased to report another set of strong financial results and a good second half which was driven by continued growth across both the established and newer parts of the business.

'We have again increased revenue through land disposals and the sale of private homes, and during the year ended 30 June 2017 have secured planning permission for nearly 1,856 plots.

'Additionally, we are also focused on expanding our partnership activities, building on the three deals agreed during the period, which will have a positive impact on revenue, profits and cash flow.

'We will continue to develop our in-house construction platform, improve margins on home sales and utilise our considerable skills in successfully bringing land through the planning system.

'This will underpin our progressive dividend policy and create long term value for shareholders.'

Story provided by StockMarketWire.com

Related Company: INL

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