Inland Homes PLC Planning applications & accounting reference date (3046B)
June 06 2019 - 1:01AM
UK Regulatory
TIDMINL
RNS Number : 3046B
Inland Homes PLC
06 June 2019
6 June 2019
Inland Homes plc ("Inland Homes", "Group" or "Company")
Major planning applications and change of accounting reference
date
Inland Homes (AIM: INL) the leading brownfield developer,
housebuilder and partnership housing company with a focus on the
South and South East of England, is delighted to announce that the
planning application for the Group's flagship site, Wilton Park in
Beaconsfield, Buckinghamshire was heard by the planning committee
on 5 June 2019 and has received a resolution to grant planning
permission subject to the signing of a s106 agreement.
Our 100 acre site at Wilton Park, described by Savills as the
best residential opportunity in southern England, has taken a
significant step forward. A planning permission will enable the
delivery of 350 homes as well as commercial and community space
within a parkland setting with an estimated gross development value
of GBP350 million. Wilton Park is the Group's flagship development
site, benefitting from its close proximity to junction 2 of the M40
and to Beaconsfield and Seer Green stations, providing access to
London Marylebone within 23 minutes. A further part of the site is
subject to a draft allocation for development which if adopted
could provide up to 250 more homes and 200,000 sq ft of commercial
space.
The deferral of the planning decision last month at Cheshunt
Lakeside, Hertfordshire has resulted in a delay in achieving the
planned transactions on this project for June 2019. The planning
decision is scheduled to be heard by the planning committee on 25
June 2019.
Positive decisions on both these sites will result in an
increase in their respective EPRA valuations.
Going forward, the Board will be reviewing the appropriate split
between its land trading business and its growing partnership &
homebuilding businesses, recognising the greater value attributed
to income streams with higher visibility of revenue and the Group's
established construction capabilities.
The Board believes it is important to capture as much value as
possible following significant planning decisions and reflect them
in the Company's results. It has therefore decided to change the
Company's accounting reference date and financial year end from 30
June to 30 September. The effect of this change is to extend the
current financial period to 30 September 2019, becoming a 15 month
period. Consequently, the Company will release its audited final
results for the 15 months ending 30 September 2019 no later than 31
January 2020 and will provide a trading update to the market in
early October 2019, following its new financial period end.
Thereafter the Company will release its unaudited interim results
for the 6 months ending 31 March by 30 June and its audited final
results for the 12 months ending 30 September by 31 March in
accordance with the AIM Rules for Companies.
Stephen Wicks, CEO of Inland Homes, commented:
"We have continued to build on the underlying value of our
projects since our half-year end results and a significant amount
of effort has been put into both Cheshunt Lakeside and Wilton
Park.
"After a number of years of hard work on Wilton Park, I am
delighted with the positive decision delivered by the planning
committee yesterday. With planning approval anticipated in June
2019 on Cheshunt Lakeside and subsequent value realisation, it is
appropriate that we extend our reporting period by three months in
order for us to report to shareholders on the effect to the
underlying value of the Group."
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0) 20 7 457 2020
Mark Garraway
James Gray
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM
listed specialist housebuilder and brownfield developer, dedicated
to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and
South-East of England principally for residentially led development
schemes. The business then enhances the land value by obtaining
planning permission, before building open market and affordable
homes or selling surplus consented land to other developers to
generate cash.
The Company is committed to extensive public and community
consultation in order to ensure that, where possible, local
community needs and objectives are met.
Inland's aim is to create sustainable communities and homes
which set a benchmark for all future developments in the South and
South East of England. The Company is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at www.inlandhomes.co.uk.
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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END
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