Inland Homes buoyed by partnerships

Inland Homes has projected annual revenue of £135m for the year ended 30 September, buoyed by its partnerships division. The developer has completed a number of recent development sales to build-to-rent funds including PGIM Real Estate and Delph Property’s Kooky. In a trading update, it said sales had lifted the revenue run-rate, compared to £147.5m for the 15-month period to 30 September 2019. Inland dropped into the red in the first half of the year, as housebuilders aborted a handful of deals in the wake of the coronavirus pandemic. It has since turned to land-focused activities to generate cash and reduce net debt. It reduced net debt to £138.5m, down 9% from the level a year earlier, and has grown its landbank to a record level of 11,045 plots, including 2,795 on strategic sites. Inland said that a growing part of its business now involves procuring sites for external investors and providing planning and management services. Its asset management division comprises six sites in London, including the Ministry of Defence’s 1,000-home Cavalry Barracks in Hounslow. Inland’s forward order book comprises £105.8m in partnership housing contract income and £50.8m for private homes and commercial units. Chief executive Stephen Wicks said: “We remain focused on maximising and realising the value in our landbank in the year ahead, whether that be via land sales, private or partnership housebuilding activity. “Our flexible business model supports us in making these decisions quickly. It is this entrepreneurial agility that gives us the flexibility to adapt to movements in a rapidly changing marketplace.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette   Photo © Inland Homes