Inland reports £4.9m interim pre-tax loss

Inland, the quoted company that specialised in preparing ‘oven-ready’ land for house builders to buy, made a pre-tax loss of £4.9m in the six months to 31 December 2008.

Inland’s turnover was just £350,000.

The latest squeeze follows a tough time in the previous 12 months (ending 30 June 2008) when Inland’s turnover of £11m resulted in a pre-tax loss of £4.2m.

Inland currently has net borrowings of £5m whereas 12 months ago it carried £12m of net cash.

Stephen Wicks, chief executive, said: “Inland continues to implement its land strategy but over the last six months market conditions have continued to worsen.

“Since June 2008, Inland has not acquired any sites as principles with the focus being on securing planning permissions.

“Despite worsening economic conditions, planning authorities continue to frustrate the planning process with a substantial number of our consents being obtained on appeal.”

Inland’s joint venture partner, the master planning process on RAF West Drayton, is well underway with 23 different consultants being co-ordinated to work towards the planning application which Inland expects to make this summer.

All of Inland’s sites are brownfield, completely in line with government strategy and are “all in attractive sustainable locations in the south east”.

Market conditions have meant that there are now a smaller number of private house builders in the land market than previously.

“We are still achieving sales albeit at figures considerably less than originally anticipated,” said Wicks. 

Inland’s land portfolio comprises 2,100 residential plots as well as additional commercial space.