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Brownfield developer and housebuilder Inland Homes reported a jump in profit that was in line with its expectations as rising house prices bolstered revenue.
For the year ended 30 September 2021, pre-tax profit rose to £13.2 million from £3.4 million year-on-year as revenue increased to £181.7 million from £124 million.
The company sold 216 private, up from 96 last year at an average selling price of £262,000, up from £240,000.
Land ownership decreased to 10,055 plots from 11,045 as the company said it took advantage of the 'strong land market, with 601 plots sales during the year'
Within the portfolio, 3,689 plots had consent, up from 2,470 last year.
'Demand for housing in our market of the South and South East of England continues apace and in the Budget on 27 October 2021, the Government announced its desire to utilise Britain's brownfield land to help address the housing crisis, investing £1.8bn to deliver 160,000 new homes,' the company said.
'The focus for the coming financial year continues to be the reduction in Group net debt and the improvement of margins in the partnership housing and housebuilding businesses.'