Inland Homes delays results again

Troubled AIM-listed housebuilder and land trader Inland Homes has delayed publication of its annual accounts for the third time, saying that the audit process is taking “longer than expected”.

The £181m turnover firm has already twice delayed the publication of annual results for the year to September 2022, first in February and again in March, after “related party issues” were uncovered which sparked the resignation of the former chair and two board members.

It has commissioned FRP Advisory Trading Limited to undertake the independent review of the related party issues, after which it expects its auditor PwC to complete the audit of the accounts. In April the firm said that it would be able to get this done to enable publication of the accounts in June, however, late Friday the firm issued a statement saying that the firm “is now of the view that the audit process will take longer than this to complete.”

It said that FRP Advisory Trading had nevertheless made “good progress” with its review of the related party issues, and that PwC were reviewing the matters arising.

Following a series of profit warnings from September last year, Inland has already indicated that it is likely to report a pre-tax loss of more than £90m when it does finally issue its results.

Trading in Inland’s shares was suspended at the start of April due to the failure of the firm to publish its results quickly enough. The firm has said it aims to get its shares trading again as soon as it publishes its accounts.

The tumultuous last nine months at the firm has seen its co-founder Stephen Wicks step down last September, prior to his replacement, former Galliard boss Donagh O’Sullivan, resigning from the firm after just 41 days in the role.