2015/16 Financial and Operational Highlights

Revenue

£101.9m

2015: £114.2m

Revenue 2016

Basic earnings per share

14.23p

2015: 14.67p

Earnings Share 2016

Profit before tax

£32.9m

2015: £34.0m

Profit Tax 2016

Adjusted EPRA net asset value per share

91.54p

2015: 43.92p*

Net Asset 2016

Year end cash balances

£16.7m

2015: £21.4m

Year End 2016

Dividend per share

1.30p

2015: 1.00p

Dividend 2016

* The Group adopted the performance measures of the European Public Real Estate Association (EPRA) from December 2015, therefore prior year comparatives consist of net asset value only, without the uplift of the underlying asset value.

  • Revenue from housebuilding of £51.5 million (2015: £66.1 million) with the decline attributable to the deferral of 23 completions to the 2017 financial year and a bulk sale of 59 units in the prior period
  • 165% increase in rental income to £2.1 million (2015: £0.8 million) leveraging income opportunities across the portfolio
  • 30% increase in net asset value to £116 million, reflecting £18 million revaluation surplus on investment properties
  • Group revenue for the year of £101.9 million (2015: £114.2 million) and Profit Before Tax of £32.9 million (2015: £34.0 million)
  • Following the adoption of EPRA performance measures to fully reflect unrealised value within the Group's land bank, the EPRA net asset value is:
30 June
2016
31 December 2015
EPRA NAV86.63p79.85p
Adjusted EPRA NAV91.54p84.38p
  • Strong balance sheet with cash balances of £16.7 million (2015: £21.4 million) and net borrowings of £54.6 million (2015: £34.9 million) at the year end
  • 29% increase in proposed final dividend to 0.9p per share reflecting robust underlying performance and confidence in outlook

Private housing units sold

147

2015: 248

Private Housing 2016

Residential land plots sold

425

2015: 440

Residential 2016

Land bank plots

6,681

2015: 5,176

Land Bank 2016

Plots with planning permission & resolution to grant planning consent

1,163

2015: 1,200

Plots With 2016

Plots without planning permission

5,518

2015: 3,976

Plots Without 02016

Current annual rental income

£2.6m

2015: £1.1m

Current Rent 2016
  • Significant expansion of land bank to a record 6,681 plots (2015: 5,176), including 17 sites under option providing control over 330 acres of strategic land with the potential for over 1,600 residential plots
  • Disposal of 425 plots across 8 sites during the year, for a total consideration of £43.3 million (2015: £39.6 million)
  • 147 private homes sold at an average price of £337,000 (2015: £264,000), with a further 321 currently under construction
  • Gross margin from the sale of private homes consistent at 21.9% (2015: 20.9%)
  • Strategic appointment of new Managing Director of Inland Limited, Gary Skinner, responsible for Group construction activity and project delivery, enabling better control, greater certainty and cost competitiveness for housebuilding operations
  • First major joint venture with a local authority with Southampton City Council appointing Inland as development partner on an 8.9 acre site, with the potential for over 450 residential units and a gross development value of over £100 million
  • Key development projects all progressing well, including Wilton Park, Beaconsfield and Meridian Waterside Southampton, the Group's first full self-delivery project
  • Acquisition of substantial regeneration project in Cheshunt, Hertfordshire, comprising a 13 acre site, completed since the year end in a joint venture
  • Track record of success in securing planning consents maintained at 100%
  • House sales continuing at normal rate post referendum, particularly at Inland's price point and geographic focus
  • Forward sales remain strong, totalling £22.5 million (2015: £31.1 million) as of the date of this announcement
  • 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

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