The housebuilder and brownfield regeneration specialist recorded a slight drop in pre-tax profits to £32.9 million in 2016 from £34.0 million in 2015.
Group revenue for the year was £101.9 million, down from £114.2 million in 2015. Revenue from housebuilding dropped to £51.5 million from £66.1 million in 2016. The Group attributed the decline to the deferral of 23 completions to the 2017 financial year and a bulk sale of 59 units in the prior period.
Going forward, the Group said that the market backdrop continues to remain favourable. House sales continued at normal rate post referendum, particularly at Inland’s price point and geographic focus.
Forward also sales remain strong, it said, totalling £22.5 million (2015: £31.1 million). Fundamentals of the housing market and government initiatives, including Help to Buy, are supportive of Inland’s strategy and are contributing to the positive outlook being maintained by the management and board.
“This has been a considerable year of consolidation for Inland Homes, following successive periods of record results,” said Stephen Wicks, Chief Executive at Inland Homes. “We have grown our team and made significant strategic appointments that are helping to position this Group for growth in the medium to long term, while at the same time building our portfolio so that we are in a strong position to capitalise on a number of substantial opportunities.
“I am very happy with the progress we have made on key development projects and in particular with the 29% growth we have driven in the size of our land bank. To date, the business has been largely unaffected by the Brexit vote and although it remains too early to deliver a definitive judgement, following the robust full year performance and the ongoing supportive market backdrop, the Board has good reasons to be confident in the outlook for Inland Homes as reflected in the 29% increase in our proposed final dividend that we have announced today.”