Inland Homes netted a £34m pre-tax profit in the year to the end of June – a 254% increase on the previous year.
The bumper profit was driven by a £14.5m revaluation surplus which accounted for 42% of its pre-tax profits.
Inland also benefitted from an expansion of its housebuilding programme, selling 246 private homes this year, 31% of which were sold via the government’s Help to Buy scheme.
Group revenue’s rose 94% to £114.2m while net asset value per share rose 48% to 43.9p.
Chief executive Stephen Wicks said: “The 94 per cent increase in revenue and 48 per cent increase in net asset value per share validates our strategy of expanding our housebuilding programme and remaining focused on development opportunities in Southern England, in locations where the economy is robust and demand is consistently high.
“With purchasers’ confidence high, supported by the removal of any political uncertainty and continuing strong demand for homes and building land, we have every confidence in delivering further significant progress in the current financial year.”
shekha.vyas@estatesgazette.com
