Company reports operating profit of £1.14m

Real estate investor Inland, which specialises in the acquisition of brownfield sites and seeks to enhance the value of these plots by obtaining planning permission, has reported an increase in its operating profit by 192% to £1.14m in the six months to the end of December.

The company saw revenues grow 90% to £10.6m and pre-tax profits increase to £0.9m from £0.11m.

While Inland’s net borrowings fell to £3.74m (2009: £8.79m) and its net assets increased to £45.5m from £41.9m over the same period..

CEO Stephen Wicks said: “I am pleased with the much improved performance from the group during 2010 and delighted with our progress in the current financial year.

“Although the housing market remains subdued our projects continue to gather momentum and our commitment to projects of scale and complexity will, in the longer term, drive our business forward.”