Inland Homes Dividends - INL

Inland Homes Dividends - INL

Stock Name Stock Symbol Market Stock Type
Inland Homes Plc INL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.025 0.24% 10.275 11:19:11
Open Price Low Price High Price Close Price Previous Close
10.25 9.75 10.50 10.25
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Industry Sector

Inland Homes INL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Top Posts
Posted at 25/1/2023 21:58 by hatfullofsky
The value here is too good to refuse. Cashed up house builders will buy INL. They can get a portfolio of assets that has taken years to build in one simple transaction. Net Assets of £90m MCAP £23 bonkers
Posted at 25/1/2023 09:01 by cc2014
I'm sorry but they can't build their way out of this as they don't have the capital to do so. They are in the death throws of having to sell off assets to generate cash and they can't buy new assets to develop.

The debt is now £100m but the provisions to complete them are £29m. That's cash they've got to find to generate the income for the sale. I think they are going to have/are having issues with working capital and that leads to even more costs.

It's just a badly run zombie company kept alive by super low interest rates and loose credit which meant the issues weren't noticeable. Now they are. The debt cannot be refinanced at any suitable rate which INL are able to pay.

Posted at 25/1/2023 08:50 by oi_oi_savaloy
INL also own a load of houses that they rent out (Beaconsfield from memory but there are probably others too) - they'll be sold next I'm guessing. They can then wind down the management internally of those houses etc through redundancy. Imperative to get costs down.
Posted at 17/1/2023 10:34 by suetballs
Wonder what is happening with the Strategic Review which was announced on 06/09/22 - Lazard & Co are assisting with the process.
It seems to me the results of the review must be about to be published.
Come on inl - we need to know what is going on.
So do the employees because their morale must be very low especially after the new CEO's departure.

Posted at 17/1/2023 09:16 by farnesbarnes
Not a close follower of INL anymore but just read that the CEO was only in the post for 35 days. High staff churn has always been an issue with INL but at this level is profound. Sounds like a pretty toxic place to work. Our co no longer deal with them.
Posted at 16/1/2023 13:05 by fegger
Posted at 07/1/2023 11:24 by grahamg8
Let's hope so Saveloy. The last thing we want is INL to try to build anything themselves. Hopefully the new guy has his head screwed on properly. This could be an early test for him, and a sign of common sense coming to the INL strategic direction.
Posted at 04/8/2022 15:18 by oi_oi_savaloy
No - what I'm saying is that it's either Des Wicks, a Director of Inland homes (INL), bought the site in his own name or Inland Homes itself bought the site.

The site then got planning (either paid for by Des Wicks or Inland homes) and was subsequently bought by Taylor Wimpey.

I'm trying to establish if des bought the site (and thus it wont affect the share price) or INL did, which hopefully, will affect the share price.

Posted at 01/7/2022 16:28 by cravencottage
For those that are interested...

Inland serves up mixed bag

First half pre-tax loss of £8.2mn due to losses on housebuilding and partnership homes construction activities
Analysts maintain full-year pre-tax profit and earnings per share estimates of £14.4mn and 5.1p, reflecting profits from land sales and asset management activities
Net debt reduced from £118mn to £96mn in six-month period
Inland Homes (INL:39p), a south-east England-focused housebuilder and brownfield land developer, has reported a first half loss of £8.2mn on revenue of £80mn, but the board is maintaining full-year profit expectations that point to annual pre-tax profit rising from £13.3mn to £14.4mn.

The first half result was dragged down by £10.9mn of combined pre-tax losses on housebuilding and partnership housing construction activities. A strategic shift to build houses rather than apartments meant that housebuilding revenue dipped from £39mn to £21.9mn on 20 per cent fewer unit sales, leading to a £3.5mn divisional pre-tax loss. A gross profit margin of 6.4 per cent is poor for the sector, a figure north of 20 per cent is the norm.

Partnership homes performed even worse, delivering a pre-tax loss of £7.4mn on revenue of £33.5mn after accounting for an additional £4mn of costs to complete one contract and £1.5mn of credit losses. Post period end, one sub-contractor went into administration, but Inland has a parent company guarantee which it expects to be fulfilled, so no financial provision has been made in the accounts.

The directors have put in place cost control processes to improve returns in both divisions, but Inland is up against market cost inflation pressures and supply chain headwinds. Indeed, the directors expect pricing pressures to impact partnership contract margins through the second half of this year and into 2023.

Fortunately, the group’s land division (pre-tax profit of £3.6mn on revenue of £16.4mn in the first half), and asset management business (£1.8mn of pre-tax profit on revenue of £7.8mn) continue to perform well. Inland’s 9,161-plot land bank is in the South and South East of England, regions in the new homes market that remain strong and are seeing elevated interest from buyers. Proceeds from land sales helped drive down net debt by almost a fifth to £96mn in first half, and the directors are expecting a further £15-20mn reduction in the second half to 30 September 2022.

Inland’s asset management business is also contributing to the debt reduction, generating £10mn of cash in the first half. The unit is managing five projects encompassing 2,600 new homes that are funded by external investors, earning management fees as milestones are met. Over the next 24-36 months, house broker Panmure Gordon expects Inland to receive £39mn of management fees, of which £7-8mn should be collected by the year-end.

Reducing gearing levels is key. Current net borrowings of £96mn equate to 40 per cent of Inland’s EPRA net tangible assets (NTA) of £236mn (103.6p a share), or 55 per cent of IFRS NTA of £174.6mn (76.4p). The realisation of substantial gains on the company’s land bank as it passes through the planning process, and an attractive share price discount to net asset value (NAV), were key bull points when I included Inland’s shares, at 57.75p, in my 2019 Bargain Shares Portfolio. The price subsequently hit a high of 94p in January 2020, in line with the target range (95p to 100p) I outlined (‘Options for bumper profits’, 24 September 2020).

However, Inland’s operational performance has been far from plain sailing since the Covid-19 stock market crash, hence the failure of the share price to recover. Furthermore, the risk now is that the large housebuilding players temper their land buying activity if the UK economic outlook worsens. Not that it is an issue right now, but it would remove a prop from Inland’s profits and debt reduction programme if they do so. A return to profit in Inland’s partnership homes and housebuilding operations may take time, too, another headwind preventing a narrowing of the large share price discount to NAV.

So, having last rated the shares a hold, at 42p (‘A trio of value plays’, 7 April 2022), I am calling time on the holding. Sell.

Posted at 01/10/2021 06:33 by skinny
Land and build sale to leading housing association.

Inland Homes, the brownfield developer and housebuilder focused on building residentially led developments for direct sale or on behalf of partner organisations, today announces the sale, on behalf of the project investors, of 228 plots at the former Homebase site in Walthamstow to the leading housing association Newlon Build Ltd. The sale is for a total consideration of GBP22.5m and generates fees of GBP1.2m for Inland Homes.

The Group has separately secured a build contract for Inland Partnerships to construct the 228 homes, adding GBP42.4m to the Group's forward order book for partnership housing and bringing the total number of homes under construction on behalf of third parties to 1,358.

The Group acted on behalf of external investors in the land sale. As one of the Group's asset management projects, the project has been funded externally, with the investors benefitting from Inland Homes' expertise and experience in identifying and securing attractive, viable sites and achieving planning consent on these. The capital light nature of this funding model, together with the management fees earned at various milestones of the project, enable the Group to generate attractive and significant returns.

Contracts have been exchanged and completed for 72 of the 228 residential plots. Contracts for the remaining 156 plots have been exchanged and will complete in early 2022.

The Group is also pleased to announce that contracts have been completed by the project investors for the sale of 173 plots within the same development to London BTR Investment Holdings. This follows the exchange of contracts with the Build to Rent operator for 355 homes in June 2021, for a total consideration of GBP27.5m. Completion of the sale of the remaining 182 plots is expected by September 2022. As previously announced, Inland Partnerships is constructing these 355 private homes in what is its largest partnership housing contract secured to-date at GBP88.9m.

Planning consent was achieved for the 583 homes at Walthamstow in April 2021. Following site demolition and preparation works, construction began in September 2021 and build completion is scheduled for 2025. The project is one of six currently within the Group's asset management division which together have the potential for more than 3,275 new homes.

Chief Executive Stephen Wicks commented:

"The sale of 228 plots at Walthamstow to a leading housing association, together with the build contract for Inland Partnerships to deliver these homes, further endorses the Inland Homes business model.

Inland is once again demonstrating its ability to add value at all stages of a project: from identifying the right site and obtaining planning permission on behalf of investors to having the expertise needed to deliver homes on behalf of one of the country's leading housing associations.

Transactions like these are helping Inland to deliver against its key strategic priorities: reducing our net debt, maximising the value of our land bank, growing the capital light asset management business and delivering homes which meet the market's needs in the most cost-effective way.

We look forward to working with both Newlon and London BTR Investment Holdings to deliver this exciting inner-city regeneration project."

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