Inland Homes posts GDV rise as NAV declines

Housebuilder Inland Homes has reported an increase in the development value of its portfolio, while posting reductions in EPRA NAV per share and a pretax loss in the six months ending March. The gross development value of its portfolio rose by 3.2% to £3.2bn during the period. Its landbank totalled 10,573 plots, down 4.3% from its September year-end. EPRA NAV per share fell to 97.8p, from nearly 104p per share in September. Inland Homes attributed this to market fluctuations in its underlying land portfolio. The developer made a £5.8m pretax loss during the period, compared with £3.7m profit at its year-end in September 2020. It generated £78m in revenue, improving from £59.6m year-on-year, but declining from £124m in September. Its performance was hit by around £3.2m of “unforeseen” costs in relation to one housebuilding site and one partnership housing contract. The group said this was offset by £1m of additional revenue at two other sites where prices exceeded budget. Excluding joint ventures, the housebuilder sold 101 private homes and a hotel during the six months. The average selling price of the homes was £254,000. The group reduced its net debt by 10% to £132.9m, compared with £148.2m in September. Stephen Wicks, chief executive at Inland Homes, said: “We continue to see increased demand for our quality land assets and planning expertise in the asset management division from investors, developers, build-to-rent operators and housing associations.” He added: “There is still a fundamental shortage of new homes, while demand for consented land with planning permission and affordable housing in the South and South East of England remains strong.”   To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews