05 September 2006
Telford Homes Plc issues the following trading update for the year ending 31 March 2007. Interim results will be announced on the 21 November 2006.
The directors are pleased to announce that the strong start to the year reported at the time of our Annual General Meeting on 6 July 2006 has continued with sales progressing well across all of our development sites. In particular all 179 private homes at OneStratford, our development in High Street Stratford, are now sold with 175 contracts exchanged and the remaining four proceeding to contract.
In addition we have secured an enhanced planning consent at Queen Mary's Gate our major development in South Woodford increasing the number of homes in the development from 441 to 498. Although we have not yet begun marketing of the private apartments (the launch is at the end of September) we have registered enquiries from more than 800 prospective purchasers, indicating very strong interest in this development. We have already sold 14 of the 16 private townhouses that form the first phase of the development.
New land opportunities are continuously being appraised as we seek to extend our development pipeline and we have recently exchanged contracts to acquire another site close to the future Olympic Park which we hope to develop in the medium term.
As a result of successful trading to date the directors expect the interim results to be very strong with profits weighted towards the first half of the year. In addition we are confident that our results for the year ending 31 March 2007 will exceed current market expectations.
|Telford Homes Plc|
Andrew Wiseman, Chief Executive
Jon Di-Stefano, Financial Director
|Tel: +44 (0) 1992 809 800|