Interim results for the six months ended 30th September 2006

21 November 2006

Telford Homes, the London-based house builder specialising in the redevelopment of sites within residential areas principally in North and East London, today announces its interim results for the six months ended 30th September 2006.

Highlights

• Turnover increased by 89% to £52.6 million (2005 - £27.8 million)
• Contracts exchanged on 258 private homes at an average price of £261,000 and 17 affordable homes, making a total of 275 in the period
• Profit before tax increased by 120% to £7.2 million (2005 - £3.3 million)
• Basic earnings per share 16.9 pence (2005 - 7.9 pence)
• Interim dividend declared of 4.0 pence per share, an increase of 67% (2005 - 2.4 pence per share)
• All 179 private homes at OneStratford sold in the first half of the year
• Successful equity fundraising completed in October securing net funds of £14.4 million
• 2,109 properties in development pipeline, with contracts proceeding to purchase sites providing a further 337 properties
• Market conditions remain positive and current trading is healthy
• Anticipate reporting record results for the year to 31st March 2007

Commenting on the results, Andrew Wiseman, Chief Executive of Telford Homes, said:

"Our results for the six months ended 30th September 2006 reflect the sale of all 179 private homes at OneStratford and the flow through of profits from contracts exchanged in previous years. The market remains positive and current trading is healthy, leading us to expect another record year to 31st March 2007. In addition the recent equity fundraising has given Telford Homes a financial platform from which to drive further growth in the years to come."

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