04 December 2007

Telford Homes Plc (AIM:TEF), the residential developer in East London noted for regeneration projects within public sector partnerships, today announces its interim results for the six months ended 30 September 2007.


  • Turnover for the six months up 56% to £82.1 million (H1 2006: £52.6 million)
  • Profit before tax increased by 32% to £9.5 million (H1 2006: £7.2 million)
  • Strong sales across a number of developments are in line with our expectations
  • Recent launch of Stadthaus, N1 extremely successful with all 19 private homes sold to individual professional investors
  • Contracts exchanged on 363 private homes at an average price of £257,000 (31 March 2007: £258,000) along with 62 affordable homes and five commercial units
  • Increased interim dividend of 4.5 pence per share (H1 2006: 4.0 pence per share)
  • Continuing to sell early in the development process with contracts exchanged for the sale of 85% of the 1,650 properties currently under construction
  • Robust development pipeline of 2,074 properties which will be enhanced through strong partnerships with housing transfer organisations over the next few years
  • Growth continues to be supported with a third operating division being formed

Andrew Wiseman, Chief Executive of Telford Homes, commented: "Despite the current uncertainty surrounding the national housing market, the prospects in East London remain sound. Regeneration of the area is ongoing, supported by the Olympic development and the desire for an ‘Olympic legacy' to endure after the games themselves. Demand continues to exceed supply with projected demographics for the region suggesting that this will continue. The Company's beneficial partnerships with affordable housing providers and housing transfer organisations further strengthen its position in East London and underpin the future of Telford Homes. The Company remains on track to meet market expectations for the year to 31 March 2008."


For further information:

Telford Homes Plc  
Andrew Wiseman, Chief Executive Tel: +44 (0) 1992 809 800
Jon Di-Stefano, Financial Director


Shore Capital  
Alex Borrelli Tel: +44 (0) 020 7408 4090

Media enquiries:

Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398 7709