Housebuilder Inland Homes has reported an increase in the development value of its portfolio, while posting reductions in EPRA NAV per share and a pretax loss in the six months ending March.
The gross development value of its portfolio rose by 3.2% to £3.2bn during the period. Its landbank totalled 10,573 plots, down 4.3% from its September year-end.
EPRA NAV per share fell to 97.8p, from nearly 104p per share in September. Inland Homes attributed this to market fluctuations in its underlying land portfolio.
The developer made a £5.8m pretax loss during the period, compared with £3.7m profit at its year-end in September 2020. It generated £78m in revenue, improving from £59.6m year-on-year, but declining from £124m in September.
Its performance was hit by around £3.2m of “unforeseen” costs in relation to one housebuilding site and one partnership housing contract. The group said this was offset by £1m of additional revenue at two other sites where prices exceeded budget.
Excluding joint ventures, the housebuilder sold 101 private homes and a hotel during the six months. The average selling price of the homes was £254,000.
The group reduced its net debt by 10% to £132.9m, compared with £148.2m in September.
Stephen Wicks, chief executive at Inland Homes, said: “We continue to see increased demand for our quality land assets and planning expertise in the asset management division from investors, developers, build-to-rent operators and housing associations.”
He added: “There is still a fundamental shortage of new homes, while demand for consented land with planning permission and affordable housing in the South and South East of England remains strong.”
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