Inland Homes FY revenue and completions rise amid 'strong' demand

Brownfield developer, housebuilder and partnership housing company Inland Homes posted a jump in full-year revenue and completions on Monday amid strong demand.

In a trading update ahead of its results for the 12 months to 30 June, Inland said revenue rose to £150m from £90m the year before, with open market completions including joint ventures up 46.3% to 275.

The company said that "contrary to what market commentary might indicate", customer demand for its homes remains strong and the average sales rate per active site during the second half of the year was 1.34 units. It added that low interest rates and the 'help to buy' scheme continue to underpin its market place.

Inland Homes said that including a £65m contract with housing association A2 Dominion, its partnership housing order book rose to around £100m. During the year, 837 plots were sold, with 480 to private housebuilders and 357 to housing associations.

Group chief executive Stephen Wicks said: "Following the extensive progress we have made over the past 12 months, Inland now has a very well balanced business model. Strategically, our focus has always been on suburban locations in and around the South and South East of England, where we provide good quality affordably priced homes, and we therefore have no exposure to the weakening central London market.

"The core business of brownfield land acquisition and the growing greenfield strategic land business is generating significant opportunities to provide new outlets for our private housebuilding, as well as partnership housing transactions where we can also secure the build contracts from housing associations.

"With some major planning consents on the horizon and a strong forward order book the group is in an advantageous position to propel significant further growth for our shareholders."

At 0945 BST, the shares were up 1.9% to 66.45p.