Inland Homes Share Discussion Threads

[igoe104] 21/1/2022 19:29

In last week's Investors Chronicle on p42 Simon Thompson talking about #INL again and says at 56p it is a 43% discount to EPRA NAV of 97.66p.

[tole] 19/1/2022 18:16

https://masterinvestor.co.uk/equities/two-dollars-a-nut-a-brownfield-a-pier-and-a-sausage-skin/A brownfield – Inland Homes (LON:INL)This 'capital light' specialist housebuilder, regenerator and 'brownfield' developer has a growing side of its business – asset management.On behalf of investors, it puts together projects and manages them from identifying likely sites through the often-laborious process of getting planning permissions then on to the construction and eventual marketing.It currently has six such projects on hand, with a combined potential of some 3,300 homes.Obviously along the way it comes up against objections from local residents, from local councils and authorities, even from local Mayor's offices.But Inland does its work professionally and stands by its request for permissions. The Borough of Hillingdon sought a Judicial Review to overturn the planning permissions granted in September 2020.However Inland has won through yet again. Over the last twenty years it has achieved a 100% success rate in securing permissions on brownfield sites.On Monday morning the company announced that the High Court had quashed the Hillingdon request – it had tried to put down the project in so many ways, all of which are now firmly closed against the Borough.Stephen Wicks,. the boss of Inland, stated that: "The former Master Brewer site is a brownfield site that has been vacant for 11 years and is exactly the type of scheme where we can make a meaningful contribution to housing delivery in a sustainable way.We are very pleased that this scheme has cleared the final obstacle to its development. This consent has taken over three years to be validated and has been extremely difficult to achieve. It is very disappointing that it should be such a long and torturous process to develop on an allocated brownfield site in a highly sustainable location.The Hillingdon Gardens site is part of our asset management division, where we are seeing increasing demand for our experience and skill in navigating the planning system. This will be an area of primary focus in the coming year and we are excited about the opportunities in this growing area of the business."Upon this piece of news, the group's shares went to 59.9p (within a whisker of my recent price aim), before easing back on much more than double the average dealing volumes.They closed last night at 54p, a bargain price in my view.Hold very tight, the 2021 September year end final results are due within days.

[grahamg8] 18/1/2022 17:45

A bit of inside knowledge goes a long way bagpus. Standard practice in the motor industry used to be to gradually increase the size of your orders in exchange for slightly lower prices. Eventually unwary suppliers would discover that they had the bulk of their output going to one customer for negligible profit, terrified that their big customer would just walk off and start all over again elsewhere. Many never recovered. INL's inability to manage their construction side for profit goes back long before Covid and the current price rises won't be helping for sure.

[oi_oi_savaloy] 18/1/2022 09:53

But costs have risen for everyone in the building industry -and there was no way to forecast these rises - they've been unprecedented. It's not just INL whom have suffered. They can't really hedge to any large extent. Besides - the rises and lack of supply have been felt across the UK, everywhere. It's been a nightmare for thousands of builders/developers. At least some of their future deals have these price rises already locked in and they're able to buy with a discount to the current open market land value of these sites. I can't comment on how late INL pay their suppliers - there are others on here whom have more knowledge of that. it's not a good long-term practice however. People don't forget.

[igbertsponk] 18/1/2022 09:51

Costs have been spiralling for all builders, mostly materials. No builder exempt. There is now a steadying in the rises as supply has caught up a bit. INL will have contracts that enable some of the increases to be passed on. Especially any recent contracts. Worry less.

[inlandinvestment] 18/1/2022 09:46

there is a problem with cost control ... some market driven but I have an educated guess that its also home grown. the sales market means that values have raised 10% over the last couple of years so given build is 55% of GDV then we should be seeing improved margins out of historic sites .. the fact that they had to highlight loss of cost control on some sites with fixed budgets i.e. partnership schemes tells me its happening across all the sites. They don't have volume housebuilder disciplines. they would be better to trade than build .. always

[bagpuss lives] 18/1/2022 09:24

Graham I can only go with what I know from being in their supply chain. Bagpuss

[oi_oi_savaloy] 18/1/2022 08:03

Whisper it but could INL actually, for once, maybe, possibly, hit 70p?......No.....probably not.....

[cheshire man] 18/1/2022 07:48

Experts in thier field :-) "100% track record in securing planning permissions on brownfield sites"

[grahamg8] 18/1/2022 07:47

nice try bagpus, unfortunately not borne out by the figures on trade credit/debt. Most recently from 31 March 2021. Trade payables £37.3m (32.8m). Trade receivables £73.4m (60.9m). Therefore net credit actually went up not down £36.1m (28.1m). In other words INL were paying their bills relatively more quickly in H1 than those they do business with and owe them money. This clearly doesn't take into account the level of overall business activity, nor does it use a crystal ball to see what the positition was at 30 September 2021. Patience will out.

[rivaldo] 18/1/2022 07:34

Excellent news today. Another major scheme approval obtained, this time for 206 homes on a brownfield site in Staines town centre..... INL are on a roll at present - I like their "100% track record in securing planning permissions on brownfield sites over the last 20 years." Https://uk.advfn.com/stock-market/london/inland-homes-INL/share-news/Inland-Homes-PLC-Staines-Town-Centre-Update/87033447

[bagpuss lives] 17/1/2022 23:57

Cerrito Granted they did but one line after 15+ lines on Turnover. "Inland Homes continues to proactively work towards improving its commercial delivery and operational efficiency to push up its margins. As previously reported, unforeseen costs, cost inflation and extended construction periods will continue to affect margins in this division in the coming year." For unforseen costs read we don't know how to build and our consultants missed millions of pounds worth of costs. The overun just at Dagenham as I understand it is now over £3 million. While I'm at it: Reduction of net debt The decisive action taken by the Group to reduce costs and preserve cash during the year have been effective and net debt at 30 September 2021 amounted to GBP118m (30 September 2020: GBP148.2m), a 20 per cent reduction. For "preserve cash" read don't pay our subontractors and suppliers anywhere close to their payment terms or until they threaten legal action. It's like construction management from the 1980's. Bagpuss

[cerrito] 17/1/2022 19:52

Bagpuss I share your worry. To be fair they did mention margin pressure in their Nov 1 TU. We will get deeper insight into this in the next fortnight when the Prelims for the FY ending September come out. Fingers crossed that we will be able to have a traditional AGM.

[bagpuss lives] 17/1/2022 19:25

Whilst Inland are good at what they do traditionally they are struggling to transition this into the building side of the business and are struggling to deliver and keep costs under control at their IHP division. The worry is that the losses from this division will impact the group as a whole. Bagpuss

[mwj1959] 17/1/2022 17:23

I note the article in the FT today highlighting the number of building companies going into administration due to higher input costs / lack of staff. Clearly the majority of these will be small, but there must also be an impact on bigger players. Not good for margins, although clearly these additional costs can be passed on. Something to look out for in the forthcoming results.

[grahamg8] 17/1/2022 07:43

Refreshingly clear RNS. Most of the time we are in the dark about the plot count and which ones are actually owned by INL and which are the ones where they have a financial interest in development. Which perhaps goes quite a long way to explain why the share price seems to be so much lower than we might otherwise expect.

[rivaldo] 17/1/2022 07:24

Good news for the major development in Hillingdon which has now received final approval after over three years - could spark a further re-rating? Plus confirmation of the good news from High Wycombee: Https://uk.advfn.com/stock-market/london/inland-homes-INL/share-news/Inland-Homes-PLC-Hillingdon-Gardens-site-update/87024803

[igoe104] 15/1/2022 10:12

Houses now available in Uxbridge.. hTTps://www.google.com/url?rct=j&sa=t&url=https://www.propertywire.com/news/inland-homes-unveils-remarkable-new-homes-in-restored-randalls-building/&;ct=ga&cd=CAEYACoUMTI0MDA2NzA2NzIzMDQ4NzYzMTUyHDYzNDZjNDAyMTM1OGJmNTA6Y28udWs6ZW46R0I&usg=AFQjCNFDCmwELyfueeEznzaauz4r64gpGA

[shaker44] 14/1/2022 12:33

Well done inland. Seeing off the nimby's UK needs more quality housing commutable to London

[igbertsponk] 14/1/2022 12:04

Jut like the Canadian Mounties always get their man, Inland always get their planning!

[pudsy1] 14/1/2022 11:51

High Wycombe: New Inland Homes estate behind Glynswood PLANS for 50 homes on a site previously refused permission for a similar scheme have been approved – despite fears over future parking. .. hTTps://www.bucksfreepress.co.uk/news/19845394.high-wycombe-new-inland-homes-estate-behind-glynswood/

[cravencottage] 06/1/2022 14:16

Andy Brough was recently on Pi World and mentioned his fund would be taking a much closer look at Builders/Construction companies.. INL would certainly be a good candidate.

[igoe104] 06/1/2022 13:24

Planned project in Buckinghamshire. hTTps://www.buckinghamshirelive.com/news/buckinghamshire-news/developer-behind-dominant-high-wycombe-6445741?utm_source=whatsapp&utm_medium=social&utm_campaign=sharebar