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(INL.L) Inland PLC Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 05-11-09 | RNS |
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RNS Number : 0650C Inland PLC 05 November 2009 Inland PLC Director's share dealing The Company received notification today that on 5 November 2009, Nishith Malde, Finance Director purchased 120,000 ordinary shares in the Company at a price of 17.0p per share. 140,000 ordinary shares, which are treated as his holding for disclosure purposes, were also purchased by his minor child's trust at 17.46p per share on 5 November 2009. Following the above purchases , Nishith Malde is interested in 9,784,000 ordinary shares in the Company, representing approximately 5.60% of its issued share capital. Enquiries: Inland PLC
Nishith Malde, Finance Director KBC Peel Hunt, Nominated Advisor
Simon Brown This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-11-09 | RNS |
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RNS Number : 8191B Inland PLC 03 November 2009
INLAND PLC Important Planning Application Inland is pleased to advise that it has today submitted a planning application to the London Borough of Hillingdon for the redevelopment of the site of the National Air Traffic Control centre in West Drayton, Middlesex, less than 2 miles from Heathrow airport. The planning application is for 775 homes including 271 family houses as well as employment space, a healthcare centre and nursing home. The development which is on a 31 acre site will be set in a highly landscaped setting and be known as Drayton Garden Village. The application has its own website www.draytongardenvillage.com As previously announced 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. Stephen Wicks, C.E.O. of Inland plc commented: This is one of the largest brownfield sites remaining in the London area and the planning application is the result of 12 months intense work by our in house team led by Land Director, Paul Brett. The site has an adopted planning brief produced by Hillingdon Borough and our proposals accord with the aspirations of the local people as well as the Planning Authority. We expect to achieve a planning consent within 6 months. I believe that Drayton Garden Village will be a highly profitable scheme for Inland as well as setting new standards of sustainability and a benchmark for how brownfield development should be approached. Enquiries: Inland Plc
Nishith Malde, Finance Director KBC Peel Hunt, Nominated Adviser and Broker
This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | RNS |
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RNS Number : 3904B Inland PLC 26 October 2009 Inland Plc (the "Company") Director's shareholdings The Company received notification today that Stephen Wicks, Chief Executive Officer, on 26 October 2009 purchased 225,000 ordinary shares of 10p each in the Company ("Ordinary Shares") at a price of 14 pence per share. Following the above transaction, Stephen Wicks now holds 22,360,009 Ordinary Shares representing 12.79 per cent of the Company's issued share capital. Enquiries: Inland Plc
KBC Peel Hunt Ltd, Nominated Adviser & Broker
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5006A
Inland PLC
09 October 2009
9 October 2009
Inland PLC
("Inland" or the "Company" or the "Group")
Unaudited preliminary results for the year ended 30 June 2009
Inland which specialises in the acquisition of brownfield sites and seeks to enhance their value by obtaining planning permission today announces preliminary results for the year ended 30 June 2009.
Financial highlights
* Revenue £5.22m (2008: £11.01m)
* Operating loss before exceptional costs £3.93m (2008: operating profit £0.71m)
* Exceptional costs before tax £5.22m (2008: £4.78m)
* Pretax loss £10.47m (2008: £4.19m)
* Inventories £41.66m (2008: £47.68m)
* Net asset value per share 24.90p (2008: 32.88p)
Operational highlights
* 25 plots sold in the year
* Acquired RAF West Drayton with joint venture partner
* Land bank owned (including West Drayton) has potential for over 2,000 homes and substantial commercial development
* Deferred payments either completed or renegotiated
* Current annual rental income of £726,000
* Overheads reduced by 8.3%
* Small pilot scheme of potential build out of some of the land bank ready for sales launch
* Further equity raised from shareholders
Stephen Wicks, Chief Executive of Inland commented:
"Over the last 12 months Inland has been under pressure due to falling property prices, lack of bank funding, a weak land market and commitments to make deferred land payments on transactions that were agreed in entirely different market conditions.
Notwithstanding these constraints we have managed to trade through extremely difficult circumstances by renegotiating a number of key contracts and achieving a flow of small land sales, increasing our rental income and reducing our overheads. We are now in a better position to progress, particularly as market conditions start to improve.
These are the worst results in our Group's short trading history and I am determined that they will not be repeated.
We own or control one of the most attractive landbanks in the southeast of England and are currently reviewing how best to achieve the greatest return on these assets for our shareholders."
For further information please contact:
Inland Plc
Stephen Wicks, Chief Executive Tel: 01494 762 450
Nishith Malde, Finance Director
KBC Peel Hunt Ltd Tel: 020 7418 8900
Julian Blunt - Corporate Finance
Nicholas Marren - Corporate Broking
Marianne Woods - Corporate Broking
CHAIRMAN'S STATEMENT
Introduction
These results come on the back of a vicious downturn in both the general economic climate and the housebuilding industry unlike any other in recent history. The effect on the housing market has been further exacerbated due to the severe constraints in the availability of credit.
The results for the year ended 30 June 2009 show an operating loss before exceptional costs of £3.93million (2008: £0.71 million) and a loss before tax of £10.47 million (2008: £4.19 million). In line with others in the sector, it has been necessary to make a substantial writedown in the carrying value of our land bank of £3.78m (2008: £4.78m). In addition, in the interests of prudence the Board has decided to make a full provision amounting to £1.43 million against the carrying value of our associate company which like many other housebuilders has also been significantly affected by the current downturn in the sector. We have also written off a significant amount of the deferred tax asset due to the fall in value of our site in Poole.
Operations
The year has been one where we have concentrated on preserving cash and as a consequence we did not acquire any new sites in our own right. Our focus has been in securing planning consents on the sites in our land bank many of which have now been obtained on appeal. I am pleased to report that during the year we obtained residential planning consents on 11 sites for 296 plots and 100,000 sq ft of commercial space. The varied and attractive nature of our land portfolio has meant that although there was a general view that no-one was buying land with planning consent, we managed to sell 5 sites and 2 properties during the year generating £4.51m of cashflow through the most difficult times that the industry has had to face, albeit that a number of the sales were achieved at values below those that had been originally anticipated.
As reported in the interim statement, the master planning process on our joint venture RAF West Drayton has progressed well and we anticipate submitting a planning application within the next few weeks for approximately 775 residential units and 65,000 sq ft of commercial space that will include a primary healthcare centre, a pharmacy and an 80 bed care home. The joint venture agreement with our partner has been varied whereby in the event of a change of control of Inland PLC prior to receipt of planning consent, our partner will be entitled, at any time during the period of 60 business days following the date of the change of control, to terminate the joint venture. In return for agreeing to this variation Inland has the ability to charge management fees to the joint venture company of up to £2.5 million. To date Inland's investment in the project amounts to £250,000.
Our current land portfolio comprises approximately 2,080 residential plots and 290,000 sq ft of commercial space. Consent has been secured on 690 residential plots. The Board believes that on a fully consented basis the residential element of our land portfolio would have a gross development value of £420m, including West Drayton.
Inland's original objective was to obtain planning consent on the sites it acquired before selling them to housebuilders at a profit, having added significant value through the planning process. In the current climate, in order to maximise the value from some of our sites the Board is exploring the prospect of building out some of the sites either as principals or by way of joint ventures. As part of this evaluation the Board has selected two sites and accordingly we have developed our site in Byfleet, Surrey as principals and the marketing campaign for the 14 two bedroom apartments will be launched shortly. The construction of this project has been substantially funded by way of senior debt provided by a merchant bank and secured on the development. We have also commenced construction of a showhouse complex at Queensgate, Farnborough where Inland will develop part of the 370 consented plots, again by utilising senior debt finance secured against the development. In recent weeks there has been a noticeable increase in interest from housebuilders in our land bank and the Board still expects to sell certain of our sites to generate cash where we receive offers that match our expectations.
The Board notes that in recent weeks, a number of the major housebuilders have announced fund raisings in order to facilitate further investment in their respective businesses including land purchases.
Financial summary
During the year ended 30 June 2009, the Group generated Revenue of £5.22 million of which £4.51 million was achieved by way of land sales and £0.71 million from rental and other income. The current annualised rental income amounts to £726,000 including £72,000 at RAF West Drayton. Overheads have been strictly controlled and were reduced by £184,000 over the previous year.
As referred to above, due to deteriorating market conditions, we have made a write down of £3.80 million in the carrying value of our land portfolio and we have taken a full provision against the carrying value of our investment in associate of £1.43 million as an exceptional cost.
The Board do not recommend the payment of a dividend.
Net assets at 30 June 2009 stood at £40.4 million (2008: £53.32 million) representing 24.9p per share at that date. Bank borrowings at the year end amounted to £6.57 million equating to gearing of 16.3%. The Group's revolving credit facility of £10m with the Royal Bank of Scotland expires on 15 December 2009 and initial discussions have already commenced with the bank and the Board has a reasonable expectation for the facility to be renewed. A number of our sites were purchased on deferred consideration terms and we successfully renegotiated the terms on four sites so that the payments were managed in line with our cash flow. As at the date of this report the outstanding deferred considerations amounts to £9.50 million of which £3.5 million is due in the current financial year and the balance in the following financial year.
During July 2009, under the authority granted at the last annual general meeting, the Board issued 12,665,000 shares at 10p per share raising further equity of £1.27 million.
Outlook
There are some signs that whilst weak, the market is stabilising and our immediate task will be to capitalise on the value of our substantial and well located land bank. We are now in a position to move the business forward from an appropriate base and if current conditions persist we do not envisage further write downs of our land bank being required. The Board remains cautiously optimistic that provided conditions do not deteriorate further that an early return to profitability will now be achieved.
Terry Roydon
Chairman
INLAND PLC
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ __
2009 2008 2008
Exceptional Before Exceptional
costs exceptional costs
(note 1) costs (note 1)
2009 2009 2008
Before
exceptional
costs
(Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited)
Note £000 £000 £000 £000 £000 £000
Revenue 5,219 - 5,219 11,006 - 11,006
Cost of sales (5,434) (3,798) (9,232) (6,565) (4,783) (11,348)
Gross loss (215) (3,798) (4,013) 4,441 (4,783) (342)
Administrative expenses (2,024) - (2,024) (2,208) - (2,208)
Loss on investments (1,689) - (1,689) (1,525) - (1,525)
Operating loss (3,928) (3,798) (7,726) 708 (4,783) (4,075)
Finance cost - Interest (491) - (491) (103) - (103)
expense
Finance cost - Notional (847) - (847) (1,455) - (1,455)
interest
Finance income - Interest 247 - 247 1,427 - 1,427
receivable and similar income
(5,019) (3,798) (8,817) 577 (4,783) (4,206)
Share of (loss)/profit of (224) - (224) 17 - 17
associate
Impairment of investment in - (1,426) (1,426) - - -
associate
Loss before tax (5,243) (5,224) (10,467) 594 (4,783) (4,189)
Income tax 2 137 (2,360) (2,223) 317 - 317
Loss for the year (5,106) (7,584) (12,690) 911 (4,783) (3,872)
Attributable to:
Equity holders of the Company (12,690) (3,872)
Loss per share for loss
attributable to the equity
holders of the Company during
the year
- basic 3 (7.83)p (2.39)p
INLAND PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ __
2009 2008
£000 £000
Loss for the year (12,690) (3,872)
Other comprehensive income:
Loss on available-for-sale financial assets (409) (4,397)
Other comprehensive income for the year, net of tax (409) (4,397)
Total comprehensive income for the year (13,099) (8,269)
INLAND PLC
GROUP STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ __
2009 2008
Note £000 £000
ASSETS
Non-current assets
Investment property 8,801 8,801
Property, plant and equipment 81 87
Investments 250 825
Investment in associate - 756
Available-for-sale financial assets - 3,064
Deferred tax 4 4,456 6,741
13,588 20,274
Current assets
Inventories 41,656 47,683
Trade and other receivables 3,698 4,752
Loan to associate 2,000 475
Listed investments held for trading (carried at fair
value through profit and loss) 471 842
Cash and cash equivalents 72 4,600
47,897 58,352
Total assets 61,485 78,626
EQUITY
Capital and reserves attributable to the Company's
equity holders
Share capital 16,216 16,216
Share premium account 45,184 45,184
Treasury shares (366) (366)
Retained earnings (15,848) (3,317)
Other reserves (4,806) (4,397)
Total equity 40,380 53,320
LIABILITIES
Current liabilities
Bank loans and overdrafts 6,566 -
Trade and other payables 1,923 2,697
Other financial liabilities 5 7,975 14,040
Total current liabilities 16,464 16,737
Non-current liabilities
Other financial liabilities 5 4,641 8,569
Total non-current liabilities 4,641 8,569
Total liabilities 21,105 25,306
Total equity and liabilities 61,485 78,626
INLAND PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ __
Share Share Treasury Retained Other
capital premium shares earnings reserves Total
£000 £000 £000 £000 £000 £000
At 30 June 2007 16,216 45,184 - 373 - 61,773
Share based payment - - - 182 - 182
Purchase of own shares - - (366) - - (366)
Transactions with owners - - (366) 182 - (184)
Loss attributable to - - - (3,872) - (3,872)
shareholders
Other comprehensive income:
Fair value adjustment in - - - - (4,397) (4,397)
respect of
available for sale financial
assets
Total comprehensive income for - - - - (4,397) (4,397)
the year
At 30 June 2008 16,216 45,184 (366) (3,317) (4,397) 53,320
Share based payment - - - 159 - 159
Transactions with owners - - - 159 - 159
Loss attributable to - - - (12,690) - (12,690)
shareholders
Other comprehensive income:
Fair value adjustment in - - - - (409) (409)
respect of
available for sale financial
assets
- - - - (409) (409)
At 30 June 2009 16,216 45,184 (366) (15,848) (4,806) 40,380
INLAND PLC
GROUP STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ _
2009 2008
£000 £000
Cash flows from operating activities
Loss for the year before tax (10,467) (4,189)
Adjustments for:
- depreciation 34 25
- share based compensation 159 182
- fair value adjustment for listed investments 513 1,863
- profit on disposal of tangible fixed assets (1) -
- loss/(profit) on disposal of listed investments 1,176 (338)
- interest expense 1,338 1,558
- interest and similar income (247) (1,427)
- Share of profit of associate 223 (17)
- Impairment of investment in associate 1,426 -
- Tax received/(paid) 206 (454)
Changes in working capital (excluding the effects of
acquisition):
- decrease/(increase) in inventories 6,027 (8,892)
- decrease in trade and other receivables (634) (202)
- increase in trade and other payables (11,644) (5,807)
Net cash outflow from operating activities (11,891) (17,698)
Cash flow from investing activities
Interest received 179 1,115
Dividends received 19 302
Sale of tangible fixed assets 12 -
Purchases of property, plant and equipment (39) (133)
Equity investment in associate - (359)
Convertible loan stock in associate - -
Purchase of investments (422) (15,396)
Purchase of own shares - (366)
Sale of investments 1,511 8,859
Acquisition of subsidiary, net of cash acquired - (11,267)
Net cash used in investing activities 1,260 (17,245)
Cash flow from financing activities
Interest paid (463) (91)
Bank loans repaid - (3,204)
Net cash from financing activities (463) (3,295)
Net decrease in cash and cash equivalents (11,094) (38,238)
Net cash and cash equivalents at beginning of period 4,600 42,838
Net cash and cash equivalents at the end of the period (6,494) 4,600
Cash and cash equivalents 72 4,600
Bank loans and overdraft (6,566) -
(6,494) 4,600
INLAND PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 JUNE 2009
_________________________________________________________________________ _
1. EXCEPTIONAL COSTS
The Group conducted a review of the net realisable value of its land bank in view of the deterioration in the UK housing market. Where the estimated future net realisable value of the site is less than its carrying value within the balance sheet, the Group has impaired the land value. This has resulted in an impairment of £3.798m (2008: £4.783m).
Due to the current downturn in the housing market, our associate company, Howarth has suffered significant losses and the Directors have taken the view that the carrying value of the investment in Howarth, both by way of equity and convertible loan has been permanently impaired and have therefore provided £1.426m (2008: nil) against this investment.
Upon the acquisition of Poole Investments PLC, the fair value of the consideration was allocated to the assets in the appropriate category. One of these categories was deferred tax of £6.23m. As a result of the substantial fall in the housing market the anticipated taxable profit has reduced significantly and accordingly £2.36m of deferred tax has been written off as an exceptional cost.
2. Income tax
2009 2008
£000 £000
Corporation tax charge - 5
Adjustments in respect of prior year - (206)
Tax credit on associate's loss (62) -
Deferred tax charge/(credit) 2,285 (571)
Deferred tax asset written off after initial recognition in
respect of Poole Investments PLC - 400
Change in tax rate - 55
2,223 (317)
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the tax rate applicable to profits of the consolidated companies as follows:
2009 2008
£000 £000
Loss before tax (10,467) (4,189)
Loss on ordinary activities multiplied by the standard
rate of corporation tax in the UK of 28% (2008: 29.5%) (2,931) (1,236)
Expenses not deductible for tax purposes 19 7
Non utilisation of tax losses 2,775 442
Change in rate of tax - 55
Other differences - 17
Initial recognition of Poole Investments PLC - 400
Previous losses no longer expected to be utilised 2,360 -
Losses carried back - 204
Adjustment in respect of prior periods - (206)
Tax charge/(credit) 2,223 (317)
3. LOSS per share
The loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
2009 2008
Loss attributable to equity holders of the Company (£'000) (12,690) (3,872)
Weighted average number of ordinary shares in issue ('000) 162,150 162,150
Basic loss per share in pence (7.83)p (2.39)p
4. deferred tax
The net movement on the deferred tax account is as follows:
£000
At 1 July 2008 6,741
Income statement credit (2,285)
At 30 June 2009 4,456
The movement in deferred tax assets is as follows:
Accelerated tax
depreciation Losses Other Total
£000 £000 £000 £000
At 1 July 2008 (3) 5,936 808 6,741
Previous losses no longer - (2,360) - (2,360)
recognised
Charged/(credited) to income (1) 8 68 75
statement
At 30 June 2009 (4) 3,584 876 4,456
The deferred tax asset is recoverable as follows:
2009 2008
£000 £000
Deferred tax asset to be recovered after 12 months 4,456 6,741
4,456 6,741
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. The Group did not recognise deferred income tax assets of £8,223,000 (2008: £2,527,000) that can be carried forward against future taxable income.
5. Other financial liabilities
2009 2008
£000 £000
Deferred purchase consideration on inventories falling due 7,975 14,040
within one year
Deferred purchase consideration on inventories falling due
between one and two years 4,641 4,179
between two and three years - 4,390
4,641 8,569
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Flexibility is achieved by bank loans and overdraft facilities.
A first charge on property included within inventories has been granted to some of the vendors.
6. PUBLICATION OF NON STATUTORY ACCOUNTS
The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006.
The Group Income Statement, the Group Statement of Comprehensive Income, the Group Statement of Financial Position at 30 June 2009, the Group Statement of Changes in Equity and the Group Statement of Cash Flow and associated notes for the year then ended have been extracted from the Group's financial statements. Those financial statements have not yet been delivered to the Registrar, nor have the auditors reported on them.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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RE RAF sites, Taylor Wimpey did a similar thing in Bracknell, i know someone who owned a house on the fringe that was bought and knocked down for the development. That is now a very large housing estate
http://www.cabe.org.uk/design-review/former-raf-staff-college http://www.rafstaffcollege.com/ More | View thread (8) | Respond | Login to Vote up | Login to Vote down |
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The planning application is for 775 homes including 271 family houses as well as employment space, a healthcare centre and nursing home
More | View thread (8) | Respond | Login to Vote up | Login to Vote down |
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If you read the plans, it includes industrial.
But housing will be a premium to industrial, the plans submitted offer a good mix More | View thread (8) | Respond | Login to Vote up | Login to Vote down |
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'INL have a piece of prime land near london/heathrow. It is not just a bit of land, it is a very sought after piece in a prime location location.'
Land within a mile of Heathrow Airport for a residential development is 'prime'. Yep nice quiet play to live! Would have thought it may have been suited to more industrial usage in all honesty. Would be a good site for a more of a refurb Project from looking at the pictures for an Industrial (pharma in particular) Company considering the building which is already in place and its location. More | View thread (8) | Respond | Login to Vote up | Login to Vote down |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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