Announcement • Mar 22
Places for People Group Limited and Thriving Investments acquired Rosewood Housing Limited from Inland Homes plc. Places for People Group Limited and Thriving Investments acquired Rosewood Housing Limited from Inland Homes plc on March 21, 2024. Trowers & Hamlins LLP acted as legal advisor to Places for People Group Limited and Thriving Investments and Devonshires Solicitors acted as legal advisor to Inland Homes plc.
Places for People Group Limited and Thriving Investments completed the acquisition of Rosewood Housing Limited from Inland Homes plc on March 21, 2024. Announcement • Sep 29
Inland Homes Anticipates Admission of its Shares to AIM to be Cancelled on 4 October 2023 The directors of Inland Homes plc advised that they have resolved to proceed with the process of appointing David Hudson and Phil Armstrong of FRP Advisory Trading Ltd. as Administrators of the Company and that certain of its subsidiaries which have granted floating charges have filed notices of intention to appoint Administrators. This announcement provides background to this decision. On 24 July 2023, Inland announced the outcome of a review by FRP Advisory Trading Ltd. (FRP) into related party relationships and transactions and other matters. As part of the process to complete the audit for the year to 30 September 2022 (‘FY22’), Inland commissioned a further limited review by FRP designed to identify, amongst other matters, whether control breaches or incomplete disclosures impacted other areas of corporate governance and financial reporting in the period 1 October 2020 to 30 September 2022 including material judgements and estimates. The review conducted by FRP, on which they reported on 22 September 2023, has provided sufficient indication that further work is still required into material judgements and estimates applied to the financial statements both for the year to 30 September 2022 and for the year to 30 September 2021 (‘FY21’) before the preparation of the financial statements could be completed and then audited. The extent of further work and cost required to complete the preparation of the financial statements and the audit for FY22 cannot be certain at this stage, and the timeframe within which this might be feasible is not known. The Company continues to be in active discussions with HSBC regarding waivers for the breaches announced on 11 September 2023. Inland also anticipates that it is likely to be in breach of covenants with other lenders shortly and it has already initiated discussions with such lenders. As set out above, the extent and cost of the work necessary to complete the preparation of the financial statements and the audit for FY22 and the timeframe within which this might be feasible is not known. In light of the circumstances set out above regarding the financial position of the Company, the Company considers that it may be difficult to complete the work necessary for the preparation of financial statements and the audit for FY22. Trading of the Company's shares on AIM was suspended on 3 April 2023 and pursuant to AIM Rule 41 admission of a company's shares to AIM will be cancelled where trading in its shares has been suspended for six months. Accordingly, Inland anticipates that admission of its shares to AIM will be cancelled on 4 October 2023. Announcement • Sep 20
Inland Homes Seeks Modular Housing Arm Sale Inland Homes plc (AIM:INL) is seeking to offload its modular subsidiary Hugg Homes for more than £10 million in a bid to ease its balance sheet woes. The temporary housing business provides modular homes in areas where housing demand outstrips supply, with new homes completed for sale in 12 weeks from a UK manufacturer. Hugg comprises 22 mixed-tenure homes in Southampton and 32 tenanted in Cheshunt to Broxbourne Borough Council,with an agreement for lease for a further 16 homes. It generates around £715,000 in combined annual rental income. Residents of Hugg Homes can include single parents, people on low income or those escaping domestic abuse. The sale of Hugg includes all branding, intellectual property and access to existing supply chains. The homes, available as one, two and three-bedroom units, have an EPC C rating. Inland Homes previously set out plans to dispose of a number of its non-core assets in January. The sale processes come after one of the housebuilder's subsidiaries, Inland Homes Developments, breached banking covenants relating to a £13.6 million loan from HSBC. Announcement • Sep 05
Inland Homes plc Announces Retirement of Nishith Malde as Director Inland Homes plc announced that on 4 September 2023 Nishith Malde retired as a director of the Company. He will remain available in an advisory capacity to the business under the garden leave provisions of his employment agreement for a period of 12 months thereafter and will thereafter cease to be available to the Company. Announcement • Aug 04
Inland Homes plc Announces Board Changes Further to its announcement of 24 July 2023, Inland Homes plc confirms that Richard Padley has been appointed an independent non-executive director of the Group with effect from 2 August 2023. Richard will also Chair the Audit Committee. Following Richard's appointment, the Board has refreshed its committee composition, and announces the following changes with immediate effect: The Audit Committee will comprise Richard Padley as Chair, and Matthew Robinson and Trevor Sawyer as members. The Nomination Committee will be chaired by Matthew Robinson, with Richard Padley and Trevor Sawyer as members. The Remuneration Committee will comprise Trevor Sawyer as Chair, and Matthew Robinson and Richard Padley as members. Additionally, Trevor Sawyer is appointed as Senior Independent Director. Announcement • Dec 06
Inland Homes plc Appoints Donagh O'sullivan as Chief Executive Officer Inland Homes plc announced that, following a thorough and wide-ranging search process, Donagh ("Don") O'Sullivan will join the Board as Chief Executive Officer ("CEO") of the Group, commencing on Tuesday 6 December, 2022. Don is a proven leader, with a strong track record of operational, strategic and commercial success in construction and property development. Don was formerly CEO of the privately owned, Galliard Homes from July 2017 until March 2022, having joined the company in 2001 originally as a contract manager. Don studied civil engineering at the University of Cork and upon graduating went to work for Balfour Beatty in London. The early part of his career was spent working on major contracting projects. Don was headhunted to join Galliard Homes in 2001. At the time, its construction division was in its infancy and he was employed to grow and expand this in-house capability within the property development business. This he successfully did and built up Galliard's construction expertise and capacity, thereby enabling the company to take on and deliver some of the largest residential development projects in London. Announcement • Oct 14
Inland Homes plc Announces Major Planning Application Approval Inland Homes plc announced that its asset management division has received, on behalf of the third-party project investor, a resolution to grant planning permission at Cavalry Barracks in West Hounslow for a mixed-use development comprising 1,525 homes and approximately 2,700sqm of commercial space. The Cavalry Barracks was the Group's fifth transaction with the Ministry of Defence and its larger to date, with an estimated gross development value in the region of £600 million. The Group identified this site in 2020 and, following close consultation with the London Borough of Hounslow, submitted the planning application in March 2021. Under the asset management model, in return for its land and planning expertise and the management of the project, the Group has, to date, accrued fees at achieved project milestones of £19.5 million . The Group continues to act on behalf of the project investors to finalise the terms of the Section 106 agreement which is expected to be signed within the next few months and then support the investor through the site disposal plan, which will crystallise the value and facilitate the payment of the fees earned by the Group. The former Ministry of Defence site is one of the largest remaining undeveloped brownfield sites in London at 36.7 acres and with excellent public transport links to nearby Heathrow Airport and central London, the site location is strategically important. The sympathetic redevelopment of the Cavalry Barracks will support the London Borough of Hounslow in serving the demand for and delivering much-needed, additional, low-cost housing and the ongoing regeneration of the area. As part of the approved plans, 14 Grade II listed and 9 locally listed buildings will be retained and 10.6 acres of open space provided. The commercial space will support a variety of uses including shops, cafes, workspace and community uses to foster a vibrant community. Reported Earnings • Jul 01
First half 2022 earnings released: UK£0.037 loss per share (vs UK£0.025 loss in 1H 2021) First half 2022 results: UK£0.037 loss per share (down from UK£0.025 loss in 1H 2021). Revenue: UK£80.5m (up 3.2% from 1H 2021). Net loss: UK£8.40m (loss widened 47% from 1H 2021). Over the next year, revenue is forecast to grow 17% compared to a 13% decline forecast for the industry in the United Kingdom. Price Target Changed • Apr 27
Price target decreased to UK£1.19 Down from UK£1.33, the current price target is provided by 1 analyst. New target price is 177% above last closing price of UK£0.43. Stock is down 29% over the past year. The company posted earnings per share of UK£0.042 last year. Recent Insider Transactions • Apr 15
CEO & Executive Director recently bought UK£80k worth of stock On the 12th of April, Stephen Wicks bought around 197k shares on-market at roughly UK£0.40 per share. This was the largest purchase by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Announcement • Apr 06
Inland Homes plc Announces Termination of Gary Skinner from the Board Inland Homes announced that Gary Skinner has stepped down from the Board. Buying Opportunity • Feb 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be UK£0.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% per annum over the last 3 years. Earnings per share has declined by 54% per annum over the last 3 years. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£0.042 (up from UK£0.008 in FY 2020). Revenue: UK£181.7m (up 47% from FY 2020). Net income: UK£9.60m (up 465% from FY 2020). Profit margin: 5.3% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12% compared to a 8.1% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Feb 01
Inland Homes plc, Annual General Meeting, Mar 21, 2022 Inland Homes plc, Annual General Meeting, Mar 21, 2022, at 11:00 Coordinated Universal Time. Announcement • May 05
Inland Homes plc Receives Resolution to Grant Planning Permission Inland Homes plc announced that it has received a resolution to grant planning permission, subject to the signing of a Section 106 agreement, for 700 new homes and 25,000sqm of commercial space at Gardiners Park Village, Basildon. The planning application was submitted in conjunction with Homes England which has a majority interest in the site. The Company entered into a development agreement with Homes England in April 2020. Construction is expected to commence this autumn, following the signing of a Section 106 agreement within the current financial year and subsequent release of the planning permission. In total, around 220 of the 700 new homes on the 54-acre site will be designated as affordable housing for both rent and shared ownership. In addition to the commercial space, the development will also provide a site for a new school and the provision of sporting facilities both on and off site. The 54-acre site will have a gross development value in the order of £200 million and the land will be acquired in phases over a five-year period. Executive Departure • Mar 17
Independent Non Executive Chairman Terry Roydon has left the company On the 11th of March, Terry Roydon's tenure in the role of Independent Non Executive Chairman ended. As of December 2020, Terry personally held 357.50k shares (UK£223k worth at the time). A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Feb 11
New 90-day low: UK£0.55 The company is down 5.0% from its price of UK£0.57 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 7.0% over the same period. Announcement • Feb 10
Inland Homes plc, Annual General Meeting, Mar 11, 2021 Inland Homes plc, Annual General Meeting, Mar 11, 2021, at 11:00 Coordinated Universal Time. Agenda: To consider board changes; to consider that the audited financial statements of the company for the year ended 30 September 2020 and the Directors' report and auditor's report on those financial statements be received and adopted; to consider that BDO LLP be reappointed as independent auditor of the company to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting and to authorise the Directors to determine the auditor's remuneration; to consider that Simon Bennett be re-elected as a Director of the company; and to consider any other matter. Reported Earnings • Feb 10
Full year 2020 earnings released: EPS UK£0.008 (vs UK£0.096 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: UK£124.0m (up 4.8% from FY 2019). Net income: UK£2.30m (down 88% from FY 2019). Profit margin: 1.9% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 10
Price target lowered to UK£1.19 Down from UK£1.33, the current price target is provided by 1 analyst. The new target price is 112% above the current share price of UK£0.56. As of last close, the stock is down 34% over the past year. Announcement • Feb 08
Inland Homes plc Announces Board Changes Inland Homes plc announced that Terry Roydon who was appointed to the Board in, and been Chairman since, 2007, will be standing down from the Board at the conclusion of the Company's Annual General Meeting to be held at 11 am on 11th March 2021. The position of Chairman will be assumed by Simon Bennett and Brian Johnson will replace Simon in the role of Senior Independent Director, both with effect from the conclusion of the AGM. The company is also delighted to announced the appointment of Carol Duncumb as a Non-executive Director with effect from 8 February 2021. Carol is currently a Non-executive Director and Chair of the Remuneration Committee of Mattioli Woods plc, the AIM-listed specialist wealth management and employee benefits business. She also acts as an external adviser to a number of private companies and is an active angel investor in a number of scale-up businesses. Announcement • Jan 30
Inland Homes plc to Report Fiscal Year 2020 Results on Feb 08, 2021 Inland Homes plc announced that they will report fiscal year 2020 results on Feb 08, 2021 Announcement • Jan 16
Inland Homes plc Announces Hillingdon Gardens Site Update Inland Homes plc confirmed that the planning application for Hillingdon Gardens at the former Master Brewer site will not be called in by the Secretary of State for Housing, Communities and Local Government. The site has been the subject of third-party requests to call in for determination by the Secretary of State but it has been decided that the application for 514 homes can be determined at a local level by the Greater London Authority. The site was approved by the Mayor of London in September 2020 and will now be subject to signing of a Section 106 agreement. The plans for Hillingdon Gardens will transform a derelict former commercial site, creating a residentially led, mixed-use neighbourhood, with a network of pedestrianised areas, landscaped public squares and extensive green spaces. The project will deliver 182 (35%) new genuinely affordable homes alongside significant contributions towards local infrastructure improvements and biodiversity. The Hillingdon Gardens scheme is part of Inland Home's asset management division. This is a high-growth arm of the Group and generates substantial service revenues with significantly reduced investment and capital consumption. The Group secures sites on behalf of investors and uses its extensive land and planning expertise to secure planning approval on their behalf. As 'capital light' activities, these schemes can generate attractive returns. The Group is currently managing six asset management projects on behalf of investors, which combined have the potential for 3,181 homes. Is New 90 Day High Low • Nov 11
New 90-day high: UK£0.58 The company is up 13% from its price of UK£0.52 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 10
New 90-day high: UK£0.57 The company is up 9.0% from its price of UK£0.52 on 10 July 2020. The British market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 5.0% over the same period. Announcement • Oct 03
An undisclosed buyer acquired Centre Square/Buckingham House from Inland Homes plc (AIM:INL) and High Wycombe Developments Limited for £52.8 million. An undisclosed buyer acquired Centre Square/Buckingham House from Inland Homes plc (AIM:INL) and High Wycombe Developments Limited for £52.8 million on October 1, 2020. The proceeds from the transaction will enable further debt reduction and provide cash flow that will be reinvested into the GroInland Homes plc's operations.
An undisclosed buyer completed the acquisition of Centre Square/Buckingham House from Inland Homes plc (AIM:INL) and High Wycombe Developments Limited on October 1, 2020. 
