Net borrowings at 31 December 2009 were £8.8m ( 2008 £6.8m)which represents a gearing of 21% (2008 14.3%).

The Company says that a new revolving credit facility with a limit of £9.3m has been agreed with Royal Bank of Scotland to 30 June 2011 reducing periodically to £5.5m at expiry.

During the period , Inland sold 40 plots and has since sold a further 105 plots.

A planning application has been submitted for a joint venture operation at RAF West Drayton for 775 homes.

CEO Stephen Wicks says: "The last few months have proved to be something of a watershed with demand for land increasing as house builders start to replenish their land banks. Our prime sites in the south east are proving attractive to these buyers

"Our ability to progress a number of exciting land opportunities whilst also disposing of a number of our smaller plots is testament to the drive and dedication of the team here at Inland. We look forward to the next six months with renewed optimism."

Story provided by Business Financial Newswire