Inland Homes (INL) has been busy in the year to June, doubling the number of consented plots it sold to housebuilders, and pushing revenue generated from partnership agreements ahead by nearly two-thirds. Shareholders were rewarded for the progress with a 29 per cent hike in the dividend payout.
Partnership housing was the big growth story, with contracted income jumping 287 per cent to £12m, and the construction order book reaching £100m. The group is also pursuing a novel response to meet the need for people put into temporary accommodation by local authorities. As brownfield sites remain vacant for years because of the tortuous planning process, Inland is starting to place modular homes on such sites. With a 60-year lifespan and transported on a lorry, these will provide local authorities with a flexible response to their temporary housing needs.
Planning has also been submitted for Cheshunt Lakeside in Hertfordshire, the largest project within the portfolio for a new community of 1,853 homes and 200,000 sq ft of commercial space. The 100-acre site at Wilton Park is still waiting for the local authority to grant approval, but in the meantime the site continues to generate £1.5m a year in rental income.
Analysts at Panmure Gordon are forecasting pre-tax profit for the year to June 2019 of £19.3m and EPS of 7.3p.
| INLAND HOMES (INL) | ||||
| ORD PRICE: | 64.4p | MARKET VALUE: | £132m | |
| TOUCH: | 63.8-65p | 12-MONTH HIGH: | 74p | LOW: 55p |
| DIVIDEND YIELD: | 3.4% | PE RATIO: | 8 | |
| NET ASSET VALUE: | 69p | NET DEBT: | 56% | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2014 | 59 | 9.6 | 3.5 | 0.6 |
| 2015 | 114 | 34.0 | 14.7 | 1.0 |
| 2016 | 102 | 33.7 | 14.0 | 1.3 |
| 2017 | 91 | 19.6 | 7.8 | 1.7 |
| 2018 | 147 | 19.3 | 7.6 | 2.2 |
| % change | +63 | -2 | -2 | +29 |
| Ex-div: | 27 Dec | |||
| Payment: | 25 Jan |
