Inland Homes drops on shaky H1 update

AIM-listed developer Inland Homes (LON:INL) saw its shares fall by 7.57% to 49.45p (as of 13:55 BST) after it said that COVID-19 had significant negative effects on trading for the six months ended 31st March. Five significant transactions were aborted during March and debt levels are higher than planned as a consequence of this. Management remain uncertain as to what the full impact of the current conditions on annual results will be, but anticipate that revenues and profits will both suffer.

CEO Stephen Wicks commented: “The Group has taken a number of measures in these unprecedented times to conserve cash and protect the underlying value of the Group’s assets.”

“I should like to take this opportunity to thank all our members of staff in working with us to manage the business through these difficult times“.