The firm said that profit for the year ending September 30 2020 fell to £3.7m from £25m the year before (15 months to September 30 2019) as the 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 £50.8m with revenue for the group reaching £124m (2019: £147.9 million).
The developer said that 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 £9.4m 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 £3.1bn
Stephen Wicks, chief executive at Inland Homes, said: “The group has weathered the global pandemic well. The flexibility in our diversified business model allowed us to adapt quickly during the year despite challenging conditions. The consolidation to land-focused activity, supported by the group’s other income streams and the new equity raised during the year have benefited our balance sheet. A steady reduction in net debt is a strategic priority for the group.
“We are seeing increasing demand for our experience and skills in successfully navigating the complex planning system. A primary focus in the year ahead will, therefore, be growing our asset management division. As a ‘capital-light’ activity – where our skills and expertise are the service – this has lower risk and delivers attractive returns.
“There are plenty of opportunities ahead for Inland with growing demand in the affordable and build to rent spaces. We have proven capability in delivering such schemes and are actively seeking these opportunities, which provide regular cash flow and land sales.”
