Inland Homes produced a 27.9% increase in house sales in the year to 30 June, the group has revealed in a trading update ahead of its full-year results.
The brownfield regeneration specialist and housebuilder with a focus on the South and South East of England, completed 188 sales over the year, compared to 147 in the 12 months to 30 June 2016. However, revenue fell 11.8% from £102m to £90m during the period, and net debt rose 25.3% to £68.4m. Cash in the bank at the end of the year rose 56.3% to £26.1m.
Forward sales were also up, from £23.4m to £26.1m as at 30 June, and the group had planning consent on 2,105 plots - up 81% on the previous year. Gross development value of the group’s pipeline was also up, at £1.34bn compared to £1.21bn last time, a 10.7% increase.
Stephen Wicks, chief executive of Inland, said: “Inland continues to build firm foundations for the future. A record £1.34bn short term development pipeline; the creation of a highly experienced construction team which enables us to capitalise on partnership opportunities and growing private housebuilding along with land sales has resulted in a dynamic, multi-faceted business model which will stand us in good stead for the future.”
Inland will publish its full year figures in September.
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