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Inland

  • BY: Andrew Hore |
  • POSTED: 31/03/2009 |

Brownfield land developer Inland is making progress with selling its smaller sites.

Demand for development land is weak but Inland is managing to generate some revenue from sales.

Chief executive Stephen Wicks says that trading conditions “are almost certainly the worst trading conditions the sector has experienced in living memory“. There is little sign of any improvement.

Revenues increased from £169,000 to £347,000 in the six months to December 2008 but the loss jumped from £1.18m to £4.95m. Land holdings were written down by £3.06m. The annual rental income is running at £730,000.

Shares in Inland rose 0.5p to 7p a share, which values the company at £11.3m. The company’s NAV is £47.4m. Net debt is £6.79m. Inland is renegotiating deferred payments in order to improve its future cash flow.

A planning application for Lower Hamworthy in Dorset will be submitted shortly. The application includes more than 500 homes.

The RAF West Drayton site was secured via a joint venture in December 2008. There is potential to develop more than 800 homes. 

In land is pinning its hopes on gaining planning permissions for its sites and thereby increasing their value. It will then wait until demand improves.

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