AIM-listed property developer Inland Homes (LON:INL) has seen its share price fall by 1.92% to 51p (as of 16:20 BST) as revenues for the 15 months ended 30th September dropped by 8.7%. Looking ahead, management said that the firm’s outlook was uncertain due to macroeconomic factors, but demand remains solid due to the shortage of affordable housing in the South of England.
CEO Stephen Wicks commented: “The past six months have been one of dedicated focus to achieve the Group’s stated strategic aims, namely a refocus for the Group on a clear strategy of land-focused activities geared to positive cash generation and net debt reduction. This has been achieved despite the inevitable disruption and significant impact on our results caused by the global COVID-19 pandemic.
We start the new financial year with cautious optimism and a record land bank: buoyed by sustained demand from customers, investors, developers and housing associations for our quality land assets, homes and expertise and equipped with a stronger balance sheet.
We remain focused on maximising and realising the value in our land bank 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“.