Inland Homes PLC AGM Statement (8717R)
March 11 2021 - 1:00AM
UK Regulatory
TIDMINL
RNS Number : 8717R
Inland Homes PLC
11 March 2021
11 March 2021
Inland Homes plc
("Inland Homes", "Group" or "Company")
AGM Statement
Inland Homes plc, the brownfield developer and housebuilder
focused on building residentially led developments for direct sale
or on behalf of partner organisations, is today holding its Annual
General Meeting ("AGM"). The AGM will be a closed meeting, held
with the minimum required quorum present due to COVID-19
restrictions. The Chairman, Terry Roydon, will make the following
comments:
"Last year, the business responded quickly to the unprecedented
challenges presented by the COVID-19 pandemic. We took the
opportunity to refocus our strategic priorities on increasing the
size of our land bank; securing capital light opportunities; using
the flexibility within our model to maximise the value of land; and
deliver homes that meet market need in a cost-efficient way.
This allowed us to start the current year in a better position
and to deliver on our core objective to reduce net debt. The Group
is progressing well in the roll-out of its capital-light business
model, private home sales remain in line with last year and
existing projects are poised to deliver significant cash flow which
will deliver tangible progress in meeting this objective.
After fourteen years I today hand over the position of Chairman.
Inland Homes has made great progress since I joined but there are
still plenty of opportunities ahead. I anticipate that the Company
will perform strongly as it enters the next stage of its growth,
and I wish it every success."
Since 1 October 2020, the Group's asset management division has
achieved a resolution to grant planning consent for 583 units on
the former Homebase site in Walthamstow and has submitted a
planning application for 1,629 homes on the 36.7-acre Cavalry
Barracks site in Hounslow. The Group aims to finalise the Section
106 agreements for its schemes at Hillingdon and Walthamstow
shortly, thus releasing both planning consents for the projects to
be delivered.
As these asset management projects are funded by third-party
investors, this area of the business offers particularly attractive
returns with reduced capital and risk. The asset management
division currently has six live projects underway acting on behalf
of investors, which together have the potential for around 3,100
homes.
The Group continues to report sustained demand from the private
buyer market, with the weekly net reservation rate steady at 0.69.
In total, the Group has achieved 97 net reservations since 1
October 2020. The Government's extension to the Stamp Duty Land Tax
holiday and the 95% mortgage Government guarantee is welcome;
however, the Group firmly believes that reform to planning is what
is really required to properly address the ongoing shortage of new
homes.
The Group's total forward order book currently stands at
GBP50.3m for private homes (reserved or contracted), including a
contracted block sale of 85 units and a contracted sale of a hotel
and GBP68.9m for partnership housing contract income. In addition,
the Group has contracted to sell a parcel of land for GBP14.0m
(including payments for infrastructure works) subject to certain
conditions being fulfilled.
A detailed update on progress in the Company will be provided
with the interim results in June 2021.
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 7457 2020
Mark Garraway
Rosie Driscoll
Galyna Kulachek
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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