Brownfield specialist Inland posts £4m losses
- Published: 01 October 2008 10:15
- Author: Simon Ellery
- More by this Author
- Last Updated: 01 October 2008 11:39
The housebuilding slump has seen Inland Plc, which specialises in securing planning permission for its bank of brownfield land, post pre-tax losses of more than £4 million.
It blamed the losses on an "unprecedented fall in confidence in the housing market" and warns that any recovery "may be some considerable time away".
Despite seeing its turnover more than double to £11 million for the year ended 30 June, the firm posted a pre-tax loss of £4.19 million.
That compares to £1.12 million for the same period in 2007.
The company holds a portfolio of 20 development sites and the potential for development of 1,360 plots and 253,000 sq ft of commercial space.
Inland, which operates in the South and south east, is now in talks to sell a number of its sites and claims interest from housing associations and the hotel and nursing home sectors.
Chief executive Stephen Wicks said: "Over the last six months we have witnessed a rapid decline in the UK housing market with both consumer and investor confidence now very low.
"In these challenging trading conditions the demand for development land remains weak. In the long term however planning constraints and the underlying demand for new homes will ensure that when market conditions return to normal our attractive well located landbank will be a valuable commodity.
"We have an excellent and capable team in place and are therefore confident of achieving good returns for our shareholders in the longer term."
