Market wrap: Inland Homes plunges on profit drop
The share price of housebuilder Inland Homes suffered a sharp drop today, after the company posted a sizeable fall in revenue and profit.
Revenue for the 12 months to 30 September was down by 16% from a year earlier at £147.9m. Profit of £3.7m plummeted from £25m a year earlier.
Chief executive Stephen Wicks said Inland Homes has “weathered the global pandemic well” but acknowledged that “Covid-19 changed the marketplace significantly and the long-term economic ramifications are still to be felt”.
The share price of housebuilder Inland Homes suffered a sharp drop today, after the company posted a sizeable fall in revenue and profit.
Revenue for the 12 months to 30 September was down by 16% from a year earlier at £147.9m. Profit of £3.7m plummeted from £25m a year earlier.
Chief executive Stephen Wicks said Inland Homes has “weathered the global pandemic well” but acknowledged that “Covid-19 changed the marketplace significantly and the long-term economic ramifications are still to be felt”.
The company’s shares ended the day at 58.4p, a fall of almost 9%, or 5.6p.
The day’s biggest real estate gain came from estate agency Foxtons Group, shares in which were up by more than 14% to hit 69p, its highest since before the UK entered its first lockdown last March.
The FTSE 100 finished trading at 6,523, a rise of 0.5%, while the FTSE 250 was up 0.01% at 21,086.
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