Figure of 拢13m compares to 拢25m recorded before pandemic struck
Inland Homes increased turnover by 46% last year but pre-tax profit was half its pre-pandemic, the housebuilder said today.
The brownfield site regeneration specialist, in its results for the 12 months to September 2021, reported revenue of 拢181.7m, up sharply on the 拢124m recorded last year in the midst of the pandemic.
Pre-tax profit rebounded to 拢13.2m from 拢3.4m but is still only slightly more than half the 拢25m reported before the pandemic.
The group said its gross profit margin on its housebuilding and partnerships businesses remains 鈥渦nsatisfactory鈥�.
Its housebuilding arm made a loss of 拢2.1m for the year while its contracting business turned in a 拢1.9m loss. But its asset management arm made a pre-tax profit of 拢21.6m.
Inland previously reported in November that it had been hit with 拢3.5m of unforeseen additional costs relating to a single partnerships contract covering one development site.
The group wrote off 拢500,000 due to aborted land transactions and has made a provision of 拢3.4m for expected future cost overruns.
Last year鈥檚 overall revenue figure of 拢181.7m was 23% higher than the 拢147.9m reported in the 2018/19 before covid-19.
Inland said increased demand in the housing market helped treble its turnover in its housebuilding division to 拢69.9m. The group sold 216 new homes, up from 96 last year, at an average selling price of 拢262,000, 9% higher than in 2020/21.
The group鈥檚 revenue from partnerships grew 16.4% to 拢60.3m due in part to increased demand from build-to-rent operators. Its asset management arm, which has six projects with the potential to deliver around 3,300 homes, increased its management fee income by 13.9% to 拢27.8m.
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