"Despite potential political and regulatory headwinds, the overall health of the sector is positive, particularly the part of the market in which we operate and where we believe there will continue to be ongoing support for the products that we are offering."

Terry Roydon


This has been another strong year for the Group, both operationally, our activity delivering healthy growth in revenues, profit and net asset value, as well as strategically as we continue to pivot the business towards a more robust, diversified and adaptable model. Revenues are being generated from housebuilding, brownfield site regeneration, land sales, partnerships with Housing Associations, whilst at the same time we are growing our exposure to the Private Rented Sector and social housing. Our priority is to build on the strong financial performance during the period and, with a significantly enlarged, highly qualified team in place, we believe we are now in a position to effectively manage this increasingly broad range of activity and to meet our growth ambitions for Inland Homes.

Revenue increased to £147.4m (2017: £90.7m) with the completion of 275 open market homes (2017: 188) and 79 partnership equivalents (2017: 37) as well as the sale of a record number of 837 building plots (2017: 780). Despite these sales and the use of plots for our own developments, we were still able to increase the size of the land bank to 6,870 plots (2017: 6,776) which demonstrates the scale of the underlying activity levels.

Results and dividend

The Group achieved recurring profit of £19.3m (2017: £18.1m), an increase of 6.6%. The undiluted EPRA net asset value per share has increased by 6.3%, from 96.22p to 102.28p per share, while net asset value per share has increased by 9.0% to 70.46p (2017: 64.62p). In August 2018, we extended the maturity of the zero dividend preference shares from 10 April 2019 to 10 April 2024. We are also in discussions with a number of banks to increase our revolving credit facility to support our expanding housebuilding operations.

On the back of another strong set of results and the continued progress being made by the Group, the Board has recommended an increase in the payment of a final dividend by 29.2% from 1.20p to 1.55p per share subject to shareholder approval at the Annual General Meeting to be held on 27 November 2018. This together with the interim dividend of 0.65p (2017: 0.50p) per share equates to a total dividend of 2.20p (2017: 1.70p) per share, an increase of 29.4%.


Following a considerable and carefully executed recruitment programme, we now have a high-quality and scalable construction business in place. At the same time, the land team has also been strengthened and is well placed to manage the significant number of pipeline opportunities ahead of us.

Our in-house construction team is increasingly focused on the delivery of Partnership Housing, where we can provide turnkey developments for Housing Associations, other public bodies and operators in the Private Rented Sector. Our order book currently stands at circa £100m.

In March, we submitted our largest planning application to date, for 1,853 homes at Cheshunt Lakeside, the former Tesco headquarters. It is the major brownfield site in Broxbourne Borough and we are working very closely with the Council to ensure early delivery. We are anticipating a resolution to grant planning permission before the end of the year.

The planning application at our flagship scheme at Wilton Park, Beaconsfield has now been submitted for over a year. Although progress has been slower than we would have anticipated we remain in active dialogue with the local authority on the 100-acre site, which it has allocated for development. Whilst we are confident that we will achieve the necessary permissions, we are considering the options open to us over the coming months. In the meantime, the site continues to produce rental income of approximately £1.5m per annum.

Corporate Governance

With effect from 28 September 2018, all AIM companies are required to adopt a recognised corporate governance code and to make additional corporate governance related disclosures on their websites. I am pleased to announce that the Company has adopted the Quoted Companies Alliance's Corporate Governance Code (QCA Code). Notwithstanding that the requirement to adopt a recognised code came into force after the date to which the Group's financial statements have been prepared, we have prepared the relevant sections of our accounts as if the requirement to adopt that code had been in force during the financial year ended 30 June 2018.

The Board

During the year we welcomed Laure Duhot and Brian Johnson to the Board as new Non-executive Directors. Laure brings over 30 years of senior executive level experience in the investment banking and property sectors, specialising in alternative real estate assets and Brian brings a wealth of sector expertise having held senior management and non-executive positions within the housing, social care and commercial sectors.

In another change to our Non-executive Board, we are pleased to announce the appointment of Simon Bennett as Senior Independent Director effective from 13 September 2018. Simon has been an independent Non-executive Director since March 2007 and has chaired the Remuneration Committee since that date.

We were also pleased to add Gary Skinner to the Board as Managing Director in May 2018. Gary was previously Director of Operations at Willmott Dixon Housing, a privately-owned contracting and interior fit-out group, where he was responsible for the delivery of up to 1,000 homes per annum. Since joining the Group, in February 2016, Gary has had a tremendous impact and has been an integral part of our growth, having led the formation and expansion of our construction operations.

As announced in February 2018, Paul Brett, our Land Director since 2011, decided to leave the Group to pursue his own interests and he stepped down from Board with effect from 16 April 2018 but will remain as a consultant to the Group, supporting, in particular, the ongoing planning application processes at its significant development opportunities at Wilton Park in Beaconsfield and Cheshunt Lakeside in Hertfordshire. On behalf of the Board, I should like to thank Paul for his contribution to the Group since its formation and wish him well in his new endeavours.


Despite wider market uncertainty, we continue to see robust demand for our products, whether it be consented land or affordably priced homes. Whilst prices have softened slightly in the Greater London area and the industry awaits further clarity on the long term future of the Help to Buy scheme, we are well positioned through our increasingly diverse revenue streams to benefit from the fundamental lack of suitable housing in our target markets. We have delivered significant progress this year and strong financial metrics and now have a platform in place that provides excellent visibility over our future growth ambitions.

Terry Roydon
19 September 2018