Inland Homes plc (LON: INL) said on Monday that its annual profit took a hit due to the ongoing Coronavirus pandemic that weighed on its contract income business, margins in housebuilding, and costs at large.
The Coronavirus pandemic has so far infected more than 3.9 million people in the United Kingdom and caused over 112 thousand deaths. In separate news from the UK, insurer Beazley plc said that it swung to £36.83 million of pre-tax loss in fiscal 2020.
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Inland Homes was reported about 1.5% down in premarket trading on Monday and slid another 5% on market open. Including the price action, the stock is now trading at 60 pence per share after recovering from a low of 32 pence per share in March 2020 when the COVID-19 crisis was at its peak. Learn more about how to invest in the stock market.
Inland Homes reports £148.2 million of net debt
Inland Homes said that its full-year revenue printed at £124 million versus a higher £139 million expected. At £3.7 million, its annual profit slid sharply on a year over year basis as the COVID-19 crisis increased costs and kept sales under pressure.
The specialist housebuilder also highlighted on Monday that five significant land sales were aborted at an advanced stage due to the disruptions attributed to the ongoing health emergency. In May 2020, Inland Homes raised £9.4 million to cushion the economic blow from the ongoing pandemic. The British firm concluded the year with £148.2 million of net debt.
CEO Stephen Wicks’ comments on Monday
As per Chief Executive Stephen Wicks, slashing debt is currently a priority for Inland Homes. Wicks said on Monday:
“The consolidation of land-focused activity, supported by the Group’s other income streams and the new equity raised during the year, has benefitted our balance sheet. We anticipate increased activity in the year ahead from affordable housing providers as demand for temporary accommodation increases due to COVID-19.”
In related news, Chairman Terry Roydon also expressed plans of stepping down on Monday. As per Inland homes, independent director Simon Bennett will replace Roydon as the company’ chairman.
Inland Homes performed fairly downbeat in the stock market last year with an annual decline of more than 20%. At the time of writing, the residential property management company has a market cap of £137 million and a price to earnings ratio of 8.09.
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