Interim Results for the Six Months ended 31 December 2008

Key Financial Points

• Turnover £0.35m (2007: £0.17m)
• Operating loss £4.24m (2007: £1.53m)
• Pre tax loss £4.95m (2007: £1.18m)
• Net borrowings £6.79m (2007: Net cash £11.7m)
• Stocks and investment property £54.3m (2007: £60.8m)
• Net assets £47.4m (2007: £59.4m)

Key Points Operational

• Secured major brownfield site by way of a joint venture, in West Drayton, Middlesex with excellent development potential for over 800 homes
• Planning application for Lower Hamworthy, Dorset to be submitted shortly comprising over 500 homes
• Key aim to receive planning consents on all bar two of our development sites by the calendar year end
• Strategy to dispose of  ‘smaller’ sites progressing well
• Demand for development land weak but Inland still achieving sales
• Renegotiated deferred land payments to minimise cash outflows

Stephen Wicks, Chief Executive of Inland commented:

“During the period market conditions continued to deteriorate rapidly with little signs of improvement on the horizon.  These are almost certainly the worst trading conditions the sector has experienced in living memory.

Inland is focused on generating cash, rental income and locking in planning permissions on its portfolio.

Major transactions such as RAF West Drayton secured in December 2008 and others in the pipeline will be by way of joint ventures where Inland’s financial exposure is limited.”

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