Inland refines strategy as Covid hits results

Inland Homes says profit for the year ending September 30 2020 fell to £3.7 million from £25 million the year before (15 months to September 30 2019) as the Covid-19 pandemic took its toll on operations. However private housing completions were up to 226 from 201 in 2019 and its forward order book stood at £50.8 million (2019: £39.3 million). Revenue for the group reached £124 million (2019: £147.9 million).

Land sales were affected in the year with five “significant” sales aborted as a result of Covid-19. 107 plots were sold in the year compared with 532 the year before.

Inland says it is refining its strategy “to focus on four key pillars: increase the size of our land bank; secure capital light opportunities; use the flexibility within our model to maximise the value of land; deliver homes that meet market need in a cost-efficient way.”

The firm raised £9.4 million in May. It said it is building a “high-quality land bank to support expected growth in demand from affordable housing providers and build to rent operators”. Inland’s total land holdings are at a record 11,045 plots (7,796 plots) with an anticipated gross development value of £3.1 billion

Stephen Wicks, chief executive at …