Inland Homes reports 57% increase in turnover

Inland Homes has reported a 57% increase in annual turnover.

The housebuilder and regeneration site specialist has announced revenue of £195m for the year to 30 September.

The figure, released in a trading update today, is 57% higher than the £124m reported for the same period in 2020, amidst the covid-19 lockdown. It is also 31% above the £147.9m reported in 2019, before the pandemic.

The housebuilder also revealed that turnover in its housebuilding division has more than doubled from £23.8m to £56.5m. It completed the sale of 216 private homes at an average selling price of £262,000, 9.2% higher than the £240,000 average last year.

Its partnerships division revenue is “substantially ahead” of last year’s figure of £51.8m, Inland said. Its forward order book for partnership housing increased by 56 per cent to £164.7m.

Inland Homes has reduced its net debt by a fifth, to £118m. This was achieved through the selling of plots and private home sales.

The update said: “The fundamental shortage of new homes in the south and south east of England continues and the interest from financial institutions in the build to rent market remains strong.

“Having delivered a significant reduction in debt and implemented measures to improve margins across the group’s housebuilding activities, Inland Homes is well placed.”

The group received planning consent for 1,317 plots across three sites, including 583 units at a former Homebase site in Walthamstow and 700 homes at Gardiners Park Village in Basildon.

The figures come as the government seeks to put more emphasis on regeneration. Last week Rishi Sunak announced a new £1.8 billion fund for new housing on brownfield sites. The role of Homes England is also being reviewed with an announcement due in the coming weeks. It is expected to have more of a focus on regeneration.