This is a property Development Co floated at 50p

- and now just 8.5p

Having bought several "brownfield" sites and Poole Investments [PIV] which had a lacklustre performance, having been previously a tile company - PIV finished at 5.8 pence (DYOR).

Didn't any of those Investors ( April 08 at 50p) think that "Housing" might be a tad over-supplied? . . . INL now 8.5 (loss is 83%- oops).

Still, there are some venues for mudlarking-about....for the next four years - does anyone know the Directors' Salaries and available cash?
Can they hold-back?
EDIT(19DEc08)- sp up 10% on zero-volume (MM's hoping the extended Credit will make punters pile-in!). Now 7p to buy...oh deary.

A useful analysis in this article: www.uk-analyst.com
Anyone else interested in inland?

I am very interested in Inland as I know the directors. In at begining 50p for friendship expensive. Averaged at 13. Went to AGM in November where directors were questioned for an hour. Very positive. Returned from AGM and brought more at 17 and even put my wife in which is quite daring.
This time next year I hope I will be feeling much better.

Talk on other boards of a 5 bagger but I'm not sure myself.

Inland have now received planning approval to develop the old RAF site at Hillingdon from both the local council and the London aurthority which is alleged to be worth at the end of the day some 400M?
In this market I do not expect miracles but I would have expected to see the shares at 22p. It should also be noted the FD bought shares a few weeks ago at nearly 19p.
Mitzy talked of a 5 bagger in Jan. Lets hope the market has is wrong again. Time will tell but the SE needs more houses come what may.

From hemscott premium

forward P/E to 2011 of just 8.6........way undervalued imo.

Broker Analysis......

PLC

FORECASTS 2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Growth Equity & Co Research
02-08-10 BUY 0.20 0.11 5.00 2.00

FinnCap
04-03-10 HOLD 1.50 0.90 2.00 1.80

2010 2011
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 0.48 0.28 4.35 1.96

1 Month Change -1.02 -0.62 2.35 0.16
3 Month Change -1.02 -0.62 2.35 0.16


GROWTH
2009 (A) 2010 (E) 2011 (E)

Norm. EPS % % 596.44%
DPS % % %

INVESTMENT RATIOS
2009 (A) 2010 (E) 2011 (E)

EBITDA -4.10m 0.30m 1.50m
EBIT -4.13m m m
Dividend Yield % % %
Dividend Cover x x x
PER -3.69x 60.50x 8.69x
PEG f f 0.02f
Net Asset Value PS 24.90p p p

Broker report SP target 30p.

13th October 2010


Analyst: Jon Levinson
E-mail: jon.levinson@gecr.co.uk
Tel: 020 7562 3357

Inland* Finals Buy at 18.75p; Target Price 30p Key
Data



EPIC
INL



Share Price
18.75p



Spread
18.25p 19p



NMS
10,000



Total Number of Issued Shares
182.99 million



Market Cap
GBP34.31 million



12 month Range
13.25p 22.25p



Market
AIM



Website
www.inlandplc.com



Sector
Real Estate



Contact
Nish Malde/Stephen Wicks
Finance Director/Chief Executive
01494 762450


Results for the year to June 30th 2010 from Inland, published on 11th October, show clearly that the recovery in trading, already evident at the half year stage, has accelerated. The company reported a pre-tax profit of GBP1.05 million, which compares with a loss of GBP10.47 million reported for 2009. The liquidity improvement theme remains a priority for Inlands seasoned management team and hence gearing was slashed from 47.3% to 34.2% and net debt at the period end was just GBP6.7 million. The continuing priority is to generate cash flow in order to reduce bank debt and settle outstanding deferred land payments. The GBP1 million due to be paid by March 2011 is already covered and Inland is on target to repay GBP5.2 million of bank borrowings by the end of the first quarter of calendar 2011

Inland develops urban regeneration projects in South East England. It buys Brownfield/ex-MoD sites with the objective of adding value by securing planning permission and then selling the assets on to developers and residential homebuilders. Although more a pragmatic cash generating activity than a core activity Inland is also building residential sites while the commercial property market recovers and during 2010 sold 158 building plots and 10 completed apartments in Byfleet.

The UK planning permission process is oblique and there is often a lengthy consultation period involved which can frustrate house builders. There is currently an added state of confusion due to the Localism Agenda. The Inland team has considerable experience of the planning system, and the directors have shown that they can successfully obtain permissions. The South East and M25 Circle are the most densely populated areas in Europe but remain a desirable housing development area and house prices are proving to be more resilient than elsewhere in the UK.

Inland reported with its results that the larger house builders are showing significantly more interest in buying land to replenish their land banks than was the case even six months ago. Inlands diversified development portfolio contains four major sites accounting for 1,742 plots of which 1,252 are now consented for planning permission. There is an off-balance sheet joint venture at West Drayton, where planning permission has been granted for 773 units and 55,000 sqft of commercial space comprising a nursing home, primary care trust and some office space representing a gross development value of around GBP185 million. This development is held in a joint venture where Inland is entitled to a minimum of 35% and a maximum of 90% of the net profit subject to certain financial criteria being met. The development timing of this flagship project could significantly impact on our forecast for 2011 and beyond assuming 90% profit share this could cautiously give a value of 8p a share assuming GBP16 million profit. The land bank under control has a carrying value of the inventory for sale of GBP35.15 million and the net asset value is GBP44.5 million, which equates to 24.3p a share.

Inland is run by the team of Stephen Wicks and Nish Malde who founded house builder Country & Metropolitan which was floated in 1999 with an initial market capitalisation of GBP6.9 million. It was bought 5 years later 2005 for GBP72 million and the intention is to deliver a similar performance with Inland, the teams current vehicle. The management team are seasoned industry veterans and with a significant equity stake their interests are aligned with those of other shareholders.

Since the year end two sites have been sold for GBP4.4 million with an agreement also reached for the sale of 148 plots and 40,000 sqft of commercial space for GBP17.7 million. We have rebased our current year pre-tax profits forecast to GBP1.5 million but this includes nothing for West Drayton and hence the risk is very much on the upside. Moreover, West Drayton could plausibly generate cashflow of GBP22.5 million for the group which would leave it with enviable balance sheet strength. We estimate that by June 2011 year end the NAV should be 25.6p although West Drayton could add another 8p per share to that figure. Our price target is set at 30p a discount of c10% to the NAV including West Drayton and, at 18.75p, our stance remains buy.


Forecast Table




Year to June 30th
Sales (GBP million)
Pre-Tax Profit (GBP million)
Earnings Per Share (p)
Dividends Per Share (p)
Year End NAV
PE Ratio
Yield (%)



2009A*
5.219
(10.467)
(3.15)
0.00
24.9
N/A
0.0



2010A
16,542
1,051
0.68
0.00
24.3
29.4
0.0

2011E
22,500
1,500
0.57
0.00
25.6
35.1
0.0




* Before exceptional items, #Excludes fees from West Drayton.





*Inland is a corporate client of Rivington Street Holdings the ultimate owner of GE&CR. The SF t1ps Growth Fund which is managed by an RSH subsidiary owns shares in Inland

The latest company update should help the market to understand this company. Good sites with planning permission inside the M25 are difficult to find which makes West Drayton unique and with their other assets they can look forward to a better 2011. I believe 30p is a good target. Its been a slow developer but better times are coming.

How's that then?
20p this time last year, now having repaid their loan they are 14.5p
Someone's in the know.
And I can't find any mention of this Capital Reduction, 14 Oct 2011 was mentioned, but I see no Co.News about it.
Invariably shareholders will be the last to hear, so, . . . . . anyone else?

I worry that they may have borrowed to repay that Bank-loan - did they have cash to spare.... seems unlikely with sp being so low...

I think we understand the company - no-one is buying property. That's it.

In at 24p on Friday-
A bargain share in this weeks IC- The company could have 770 consented plots worth £46m or 25p a share by its June financial year end and with pre-tax profits set to more than double from£1.6m to £3.4m as revenues soar from £6.1m to £20m, expect bumper financial results when Inland issues figures in the third week of March.

Ah, so the sp might get close to the float-price . . . the Wonders of Management, eh?

Just seen 50p float price, they have not had a good run.

:-)

Half Yearly Report

Key financials

· Trading profit for the period increased to £4.3m (2011: £2.3m)

· Profit before tax increased to £3.1m (2011: £1.1m)

· Net assets (excluding Drayton Garden Village) increased to £51.7m (2011: £49.4m)

· Inland continues to have very low gearing and a strong balance sheet



Key commercial highlights

· Profitable land sales achieved of 355 building plots with revenue of £15.4m

· Excellent progress and expansion of our housebuilding programme

§ Generated revenue of £3.12m in first half

§ Inland currently building 146 homes on four developments

· Planning permission awarded at Carters Quay in Poole, Dorset for 268 homes

· Inland to expected to realise investment in Howarth Homes plc by the end of the financial


http://www.moneyam.com/action/news/showArticle?id=4558087

Inland Homes sees profits soar as home and land sales rise
Wed 20 Mar 2013




LONDON (SHARECAST) - Inland Homes reported a three-fold rise in half-year pre-tax profit on Wednesday on the back of strong land and home sales.

Pre-tax profit for the six months to the end of December 2012 rose to £3.1m from £1.1m for the same period a year earlier.

The UK housebuilder posted revenues of £19.31m, up from £3.66m in 2011, driven by a £15.35m sale of 355 land plots.

During the period, the company made significant progress on housebuilding projects including 146 homes on four developments.

Inland was also awarded planning permission for building 268 homes at Carters Quay in Poole, Dorset.

Net assets increased to £51.7m, compared to £49.4m the previous year. Trading profit for the period grew to £4.3m from £2.3m.

"I am pleased to report an excellent set of interim results,” said Chief Executive, Stephen Wicks.

"Gross profit is up by 87.6% and profit before tax has increased by 183% over the corresponding period last year.

"Our development pipeline from both a housebuilding and a land perspective has never been stronger and we are looking forward to substantial further growth over the coming years."

A dividend of 0.067p was paid to shareholders on December 17th and Inland said it expects to recommend a "substantially increased dividend" for the financial year ending June 30th 2013

Today's budget can only be good for INL

Chat with the Boss

A buy in this weeks IC - Momentum building at Inland


The company's transition to house building should also spark a re-rating.

DC
Was it a big write-up in IC ?
I can't get the text

djalan, Just a third of a page.Looks good.

Momentum building at Inland

Aim-listed planning specialist Inland Homes (INL) enjoyed a very fruitful first half, selling 355 consented building plots for £15.4m and 15 new homes for an additional £3.1m. Chief executive Stephen Wicks says its success had more to do with the timing of permissions and sales - the prior year was a somewhat barren one - than the government's attempts to unblock the planning system. "It's got no easier to get planning permission - quite the contrary," he says.

The company's net assets swelled 4.7 per cent to £51.7m as the cash rolled in from sales. But that substantially understates its underlying value since the 1,931 residential plots are held on the balance sheet at cost. It also excludes likely gains from Drayton Garden Village, a venture with the Ministry of Defence from which Inland is due to receive at least 5p a share in development profits.

In time, Mr Wicks wants to turn the company into a more conventional housebuilder by developing homes on a higher proportion of its consented plots. He expects Inland to build 300-400 homes a year, with 200 due to be under construction by June. The cash generated will be used to buy more plots in the South East, particularly from the cash-strapped Ministries of Defence and Health and from book-cleansing banks.

Broker finnCap has upgraded its adjusted EPS forecast for the year to end-June 2013 from 1.5p to 1.8p (from 0.4p in 2012).