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Inland Homes PLC - Buckinghamshire, England-based housing plot developer - Experiences unforeseen planning delays for two major schemes under its Land and Asset Management segments. As a result, the timing of land disposals have been revised. Says these were expected to contribute over £75.0 million in revenue and ‘significant’ profitability to the group. Following the delays, the financial benefit will now be registered in the next financial year ending September 30, 2023, Inland Homes says.
Firm now expects to post a pretax loss of £37.1 million for the full-year and a £29.3 million operating loss. However, it says if a land sale is completed before September 30, Inland Homes then expects to make a pretax loss of £12.1 million and an operating loss of £4.3 million.
Meanwhile, Inhand Homes says Chief Executive Officer Stephen Wicks is to retire on September 30, at the end of the current financial year. Appoints Chief Financial Officer Nish Malde to act as interim CEO as a search for new CEO is in process.
Current stock price: 18.33 pence, down 33%
12-month change: down 63%
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