Interim results for the six months ended 30 September 2014

26 November 2014

Telford Homes Plc (AIM:TEF), the London focused residential property developer, today announces its interim results for the six months ended 30 September 2014.

Highlights

• Continuing sales success across all developments with contracts agreed for the sale of more than 600 open market homes since 1 April 2014 (year to 31 March 2014: 515)
• Over 270 of the 307 open market apartments at Stratosphere, E15 sold in the last few weeks
• Future revenue secured through open market and affordable forward sales exceeds £550 million
• Substantial land acquisitions have increased the Group’s development pipeline to more than £1.1 billion of future revenue
• Major joint venture formed with Notting Hill Housing Group to develop a site in Stratford for more than 400 homes
• Strong margins maintained despite increasing costs
• Profit before tax increased to £9.4 million (H1 2013: £7.7 million)
• Dividend increased to 5.1 pence per share (H1 2013: 3.7 pence)
• Board very confident of meeting market expectations for the year to 31 March 2015

Jon Di-Stefano, Chief Executive of Telford Homes, commented:  “London is a fantastic place to be building homes and Telford Homes is developing in locations where people want to live and can afford to live.  We have experienced tremendous success at every single one of our sales launches over the last few months and our forward sales total more than £550 million of future revenue.  The Group has an unprecedented £1.1 billion development pipeline and has the opportunity to achieve and then sustain the ambitious targets for growth set by the Board.”

For Further information:

Copies of this announcement are available from the Group at Telford House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF and on our website www.telfordhomes.london.