Inland Homes (INL) delivered a strong performance for the year to June, more than doubling the number of private home sales to 248, and boosting the total dividend payout by two-thirds. Turnover nearly doubled and net asset value per share was up by nearly half. Its expanding investment arm also provided a revaluation surplus of £14.5m.
The group also achieved record sales of 440 building plots to builders, up from 169 in the previous year, but despite these and the houses it built itself, Inland managed to increase its land bank from 3,734 plots to 5,176 plots, of which 1,200 have planning consent.
At the Wilton Park site in Buckinghamshire, 76 of the former Ministry of Defence houses are being held as investment properties and are expected to generate rents of over £1m, against a short-term rental income target of £2m. The rest of the site has the capacity for at least 300 homes with a gross development value of around £250m.
Analysts are reluctant to forecast profits for the coming year, as much depends on land sales, and revenue from these can be lumpy.
| INLAND HOMES (INL) | ||||
|---|---|---|---|---|
| ORD PRICE: | 72p | MARKET VALUE: | £146m | |
| TOUCH: | 71.5-72.5p | 12-MONTH HIGH: | 76p | LOW: 51.5p |
| DIVIDEND YIELD: | 1.4% | PE RATIO: | 5 | |
| NET ASSET VALUE: | 44p | NET DEBT: | 39% | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 21.4 | 3.5 | 2.1 | nil |
| 2012 | 6.1 | 1.6 | 0.4 | 0.07 |
| 2013 | 31.1 | 5.2 | 2.0 | 0.27 |
| 2014 | 58.9 | 9.6 | 3.5 | 0.6 |
| 2015 | 114 | 34 | 14.7 | 1 |
| % change | +94 | +254 | +324 | +67 |
Ex-div: 24 Dec Payment: 22 Jan | ||||
