- Inland Homes expects pre-tax profits for the year ended 30 June to be in line with market forecasts.

Inland Homes said it had an extremely active and successful year, growing the business both financially and operationally.

It said its new in-house construction team had enabled it to increase its housebuilding and contracting operations significantly, providing more certainty over the timing of cash flows and profit recognition as well as better control over construction costs.

Inland Homes said this investment was now beginning to have a tangible positive effect, with the number of open market unit completions increasing in the period by 27.9% to 188 (2016: 147).

It said revenues were expected to be approximately £90 million (2016: £102 million), with profit before tax in line with market expectations.

It said the revenue figure excluded two land sales at Alperton, Greater London and Aylesbury, Buckinghamshire which would be shown as a gain on sale of subsidiary or joint venture, rather than flowing through revenue and gross margin.

It said that if these transactions had been direct land sales, revenue would have been in the region of £117 million.

The year end cash balance increased by 56.3% to £26.1 million (2016: £16.7 million).

The group said its net debt had also increased to £68.4 million (2016: £54.6 million), reflecting its increased land holdings and work in progress.

It said £43 million of borrowings related to the group's 100 acre site at Wilton Park in Beaconsfield.

It said the term of borrowings had also lengthened, with 100% of group borrowings now due in more than one year and over 50% due in more than 3 years.

Chief executive Stephen Wicks said: "Inland continues to build firm foundations for the future.

"A record £1.34 billion short term development pipeline; the creation of a highly experienced construction team which enables us to capitalise on partnership opportunities; and growing private housebuilding along with land sales has resulted in a dynamic, multi-faceted business model which will stand us in good stead for the future."

At 9:43am: [LON:INL] Inland Homes PLC share price was +1p at 59p

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