Preliminary results for the year ended 31st March 2006

22 May 2007

Telford Homes, the London-based house builder specialising in the redevelopment of sites within residential areas principally in East and North London, today announces its preliminary results for the year ended 31st March 2006.

Highlights

• Turnover for the year up 36% to £79.3 million (2005 - £58.2 million)
• Contracts exchanged on 762 properties (2005 - 373 properties), including 329 private homes at an average price of £245,000
• Affordable homes represent 55% of properties sold in the year and this is a key element of the business both today and in the future
• All homes at Icona, on the edge of the Olympic Park in Stratford, now sold with completion due in early 2008
• Profit before tax up 29% to £10.0 million (2005 - £7.8 million)
• Basic earnings per share of 24.0 pence (2005 - 19.0 pence)
• Final dividend proposed of 4.6 pence per share to be paid on 14th July 2006 to shareholders on the register on 23rd June 2006 - total annual dividend of 7.0 pence per share (2005 - 5.5 pence per share)
• Major site purchases have increased our development pipeline to 1,659 properties compared to 913 last year
• Relocation to new head office providing platform to drive further expansion
• Significant sales launches planned for 2006 at a new site in Stratford and our major development in South Woodford
• Expect 2006/7 to be another successful year for Telford Homes

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

"We believe that the development opportunities in East London are greater than ever. With our positioning as a local specialist and our close relationships with the affordable housing sector, we are well placed to benefit from this in the future. In the next few months we are launching ‘One Stratford' and ‘Queen Mary's Gate', South Woodford and current interest in these as well as other developments, gives me confidence that 2006/7 will be another successful year for Telford Homes."

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