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.”

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