05 July 2007
At the Annual General Meeting of the Company held earlier today, all resolutions were duly approved by shareholders.
Andrew Wiseman, Chief Executive, made the following comments:
"I am pleased to report that Telford Homes has made an excellent start to the financial year to 31 March 2008. We recently held the sales launch of Merchants' Quarter on the British Estate E3, the first of our estate regeneration projects in partnership with Eastend Homes. A total of 105 of the 161 private homes on the estate were released for sale and all of them were sold at the launch. The prices achieved were in excess of our original forecasts creating additional value for Eastend Homes under the terms of our contract. This results in increased funding for the regeneration of existing homes on the estate.
The market in East London has remained strong and sales at our other developments are in line with our expectations. In particular, off plan sales to owner-occupiers at the first phase of Queen Mary's Gate in South Woodford have continued despite rising interest rates. In total to date, due to contracts exchanged and properties sold subject to contract, we have 310 private homes, 62 affordable homes and six commercial properties contributing to our results for the year to 31 March 2008.
I can also report that the London Borough of Greenwich resolved to grant planning permission at our Creekside Village West site for 371 homes plus commercial space on 31 May 2007. This development is a joint venture with The Royal Bank of Scotland and we expect to commence work on site early in 2008.
The directors have recently reviewed the strategy of the Company and concluded that we can continue to achieve success and high rates of growth while concentrating on East London and surrounding areas. In order to effectively manage this growth it will be necessary to keep the structure of the board and the Company under constant review. As a result of this I am delighted to announce that both John Fitzgerald and Mark Parker are to be appointed to the board of Telford Homes from 1 August 2007. John and Mark have been extremely successful in growing the operational divisions since they were formed and their appointment as Divisional Managing Directors will enable us to set up more operating units beneath them in future years. They will jointly take on the role and responsibilities of the Group Managing Director.
David Durant has been Group Managing Director since the start of the Company's operations in 2001. Increasingly his role in the last two years has changed to focus more on major planning consents, product design and maintaining key partnerships. This has been the result of John and Mark growing successfully into their roles. David will remain on the board as Planning and Design Director. I would like to wish John, Mark and David every success in their revised roles.
We believe that East London, undergoing dramatic improvement in the built environment, is the best region in which to be developing and yet the supply of new homes is still not meeting demand. While higher interest rates may have an impact on the market we do not see this as a long term threat.
Our performance to date and our expectations for the rest of the year lead us to believe that we will meet market expectations for the year to 31 March 2008 and we expect to achieve continued growth in the following years."
Note - Full details of the new directors will be announced on 1 August 2007 in accordance with the AIM rules.
|Telford Homes Plc|
Andrew Wiseman, Chief Executive
Jon Di-Stefano, Financial Director
|Tel: +44 (0) 1992 809 800|
|Tel: +44 (0) 020 7408 4090|