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Housebuilder Inland Homes said it expected to resume its dividend this year after reporting lower annual profit that was below its its expectations as homebuilding activity was disrupted by the Covid-19 pandemic.
For the year ended 30 September 2020, revenue and pre-tax profit were lower than originally expected at £124.0 million and £3.7 million respectively, below £147.9 million and £25.0 million reported for the 15-month period ended 30 September 2019.
The company completed 226 completions, up from 201, with a forward order book of £50.8 million, up from £39.3 million.
The EPRA net asset value rose to £235.7 million from £233.9m.
The company said it intended to resume the payment of dividends in the current financial year, provided there was no deterioration in the land and housing market caused by the COVID-19 pandemic or otherwise.
'The group remains focused on maximising the value in its land bank in the year ahead, via planning, private and partnership housebuilding activities and using the flexibility within the business model to adapt to changing market conditions,' the company said.
Inland Homes also said that Terry Roydon who was appointed to the board in, and been chairman since, 2007, would 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 would be assumed by Simon Bennett and Brian Johnson would replace Bennett in the role of senior independent director.