Inland Homes Share Discussion Threads

[cordwainer] 08/2/2021 16:40

INL's focus on BTR and affordable homes could turn out to be useful in a more difficult housing market.

[williamgtheobald] 08/2/2021 13:20

Seem to be the only house builder than can't make money. This is going to be fun when help to buy finishes shortly!

[mallorca 9] 08/2/2021 10:25

Yes , but if the housing market collapses in H2 2021 , they could be in trouble !

[its the oxman] 08/2/2021 09:48

Nav holding up reasonably well. Wasnt expecting a div anytime soon myself. Reduction of debt will happen overtime. But nothing to get us over excited today. Not sure why its down 10%, seems v harsh reaction. Suspecf it will gradually recover

[daneswooddynamo] 08/2/2021 09:34

The strategy of going for growth to elicit a bid hasn’t worked. Too easy to buy up land these days. Now needs to offload to reduce debt which is hardly great for prices. That said market backdrop continues to be pretty favorable and management has a big stake in the game. Hard to see them turning down an opportunistic approach around 70-75p imo

[mallorca 9] 08/2/2021 09:30

Worrying net profit verses net debt.

[cerrito] 08/2/2021 08:46

Given their comments on the level of net debt, I am surprised by their comment on dividends and any dividend they pay will in my view, be symbolic.
I note no comment on a presentation to retail investors, who are important to INL given their lack of institutional support.
No disrespect to the Chairman at all, but makes sense for there to be a freshening up.

[williamgtheobald] 08/2/2021 08:43

Given they have apparently made two large land sales, surprised the debt hasn't fallen further.

Been a big of a dog of an investment this one, as despite it looking cheap value wise share price never moves and nothing from the results to warrant a re-rating.

Typical value trap.

[qs99] 08/2/2021 07:27

Long time to wait for divis then and lower turnover/GM on different accounting etc

Highlights don't read well IMO, but long-term this should be a winner given its landbank.

Debt far too high still IMO

Will watch and see how market reacts

DYOR and good week's everyone

Cheers
QS99

[skinny] 08/2/2021 07:17

.




Inland Homes plc (AIM: INL), a housebuilder, partnership housing developer and regeneration specialist, today announces its audited results for the year ended 30 September 2020 (prior period was fifteen months ended 30 September 2019).

Stephen Wicks, Chief Executive at Inland Homes, commented:

"The Group has weathered the global pandemic well. The flexibility in our diversified business model allowed us to adapt quickly during the year despite challenging conditions. The consolidation to land-focused activity, supported by the Group's other income streams and the new equity raised during the year, has benefited our balance sheet. A steady reduction in net debt is a strategic priority for the Group.

"We are seeing increasing demand for our experience and skills in successfully navigating the complex planning system. A primary focus in the year ahead will, therefore, be growing our asset management division. As a 'capital light' activity - where our skills and expertise are the service - this has lower risk and delivers attractive returns.

"There are plenty of opportunities ahead for Inland with growing demand in the affordable and build to rent spaces. We have proven capability in delivering such schemes and are actively seeking these opportunities, which provide regular cash flow and land sales.

"Above all else, there is a significant shortage of new homes being built in the UK and we will play our part in building sustainable communities for the future. We end the year with a record land bank and sustained demand from customers, partners and investors for our quality land assets and build expertise, leaving us well positioned for future growth."

Financial performance*

-- Raised GBP9.4m (net of expenses) in May 2020, to provide additional liquidity
-- EPRA NAV[1] sustained at GBP235.7m (30 September 2019: GBP233.1m)
-- ERPA NAV per share 103.97p per share (30 September 2019: 113.69p), 8.5% lower due to placing of 20.75m new ordinary shares during the year

-- Revenue at GBP124.0m (30 September 2019: GBP147.9m), different from that guided to in the Trading Update due to change in accounting policy for contract income

-- Gross profit reduced to GBP22.0m (30 September 2019: GBP32.5m) as a result of a lower number of homes sold by the Group and increased costs due to COVID-19

-- Profit before tax at GBP3.7m (30 September 2019: GBP25.0m)
-- Net debt reduced to GBP148.2m (30 September 2019: GBP152.3m)
-- Cash balances increased to GBP15.7m (30 September 2019: GBP10.9m) of which GBP4.7m was restricted (30 September 2019: GBP1.3m)

Operational performance*

-- Activity disrupted by COVID-19 pandemic
-- Robust health and safety procedures ensured operations continued throughout the first lockdown on all but three sites, which reopened in August 2020

-- Strategy refined to focus on four key pillars: increase the size of our land bank; secure capital light opportunities; use the flexibility within our model to maximise the value of land; deliver homes that meet market need in a cost-efficient way

-- Two major land sales achieved at Wilton Park, Beaconsfield and Cheshunt Lakeside, Cheshunt
-- Resolution to grant planning consent achieved at Hillingdon Gardens (former Master Brewer site) subject to signing of a Section 106 agreement to deliver 514 homes including 182 affordable homes

-- Secured our first two sales to 'Build to Rent' (BTR) funds for GBP52.8m
-- Building a high-quality land bank to support expected growth in demand from affordable housing providers and BTR operators. Total land holdings at a record 11,045 plots (7,796 plots) with an anticipated gross development value (GDV) of GBP3.1bn

-- Private Housing: 226 completions (30 September 2019: 201) including joint ventures. Continued strong demand with a forward order book of GBP50.8m (2019: GBP39.3m)

-- Partnership Housing: Revenues of GBP51.8m (30 September 2019: GBP62.6m). Will continue to increase our partnership housing activity as it achieves both land sales and a forward income stream for the Group that provides a good balance to our business model

-- Asset Management : Grown to six live projects in Greater London with the potential to deliver more than 3,100 homes. During the year, the Group earned management fees of GBP24.4m (30 September 2019: GBP18.6m) from these sites

-- Land sales: 107 land plots sold (30 September 2019: 532). Five significant land sales were aborted as an immediate result of the COVID-19 pandemic. Subsequently the Group has secured new purchasers for these sites.

-- Hugg Homes: Winner of the 'Innovator of the Year: Housing Delivery' at the UK Housing Awards. Our temporary modular housing business continues to grow and once additional units at Cheshunt and Southampton have been constructed, the total number of Hugg tenanted homes will be 118 ( 30 September 2019: 54).

-- Rosewood Housing: Our affordable housing provider continues to see high demand and made good progress, adding four Shared Ownership and eight affordable rent homes to its property portfolio

*2019 data is for the 15-month period to 30 September 2019





Given the uncertainties caused by the impact of COVID-19 and the need for prudent cash management, in March 2020 the Board resolved to cancel the second interim dividend of 2.25p per share due to be paid on 12 June 2020, which conserved GBP4.6m cash. The Board intends to resume the payment of dividends in the current financial year, provided there is no deterioration in the land and housing market caused by the COVID-19 pandemic or otherwise.


.

[suetballs] 06/2/2021 22:34

Are we expecting a dividend?
Suet

[skyship] 05/2/2021 16:37

Igbert - just in case you didn't see it, Tiltonboy is asking you a question on the MVI thread.

[igbertsponk] 05/2/2021 16:12

Suspect its the brokers hoiking it up to take advantage of Monday results.

[its the oxman] 05/2/2021 11:01

Expecting positive update and a rise on results. Just be nice to push beyond 65p again. But who knows.

[igbertsponk] 03/2/2021 14:38

Buy now, sell Friday afternoon or first thing Monday. That would be the sensible thing based on previous results. But you can't be certain with this company as it's too much of a hybrid. That's why I hold for the long term - some day the value will be realised or the boss will want to retire.

[skyship] 03/2/2021 13:38

Decision - only until close on Friday to decide whether to BUY ahead of Finals on Monday. Are we going to see another move like that one in November; chart suggesting that may be the case:


free stock charts from uk.advfn.com

[igbertsponk] 29/1/2021 09:39

Slight delay on accounts - now 8 February. Hopefully signals they're working on something they want to include.

[its the oxman] 26/1/2021 15:07

Thx and a bit of pre results buying today, generally a positive sign.

[cheshire man] 26/1/2021 14:51

Interactive Investor saying 29th

[its the oxman] 26/1/2021 14:49

Sorry I see they are expected in Jan, so any day this week.

[its the oxman] 26/1/2021 14:48

Anyone got a results date ? Should be quite positive in tone.

[tole] 18/1/2021 15:36

I've also re-bought a few back today. On reading a few articles over the weekend in masterinvestor I noted they gave a brief update on Inland from their list of Covid-19 Market Recovery Portfolio.Inland Homes (LON:INL) – residential and mixed developer of brownfield and strategic land, www.inlandhomes.co.uk – @ 41p, with a Target Price of 80p, highest since 64.8p, now 64p, +56%Comment: The finals to end September last are due later in January. Company is cautiously optimistic for current year and is boasting a record land bank, buoyed by sustained demand.

[skyship] 17/1/2021 14:33

Quite right - until they can get back to the middle ground where the UK electorate dwells, Labour will remain out in the cold.

It would of course cause a mighty rumpus with the communist Trots & former Socialist Workers Party members who dominate Momentum and hijacked Labour under Corbyn.

[yump] 17/1/2021 14:24

Yes its no good complaining about other countries denying and ‘diapoearing’ their past if we’re going to do the same.

Sounds like Labour’s substitute policy for anti-semitism, sinisterly piggybacking on the black lives matter movement.

I wish Labour could just be Labour. Whats the matter with them.