Interim Results

02 December 2008

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 2008.

Highlights

• Revenue of £35.6 million (H1 2007: £11.3 million*)
• Profit before exceptionals and tax of £0.3 million (H1 2007: loss £3.6 million*)
• Exceptional land write down of £1.4 million
• Gross margin before exceptional items of 14.5 per cent in line with expectations
• No payment of interim dividend (H1 2007: 4.5 pence per share)
• 119 open market private homes legally completed (H1 2007: 19 open market homes legally completed)
• Over 600 open market homes becoming due for legal completion in the next 12 to 15 months - all secured through exchanged contracts and representing revenue of £156 million

* 2007 figures have been restated to comply with IFRIC 15 and IAS 23 (revised)

Commenting on the interim results, Andrew Wiseman, Chief Executive of Telford Homes, said: “Market conditions in the last six months have been the most difficult faced by Telford Homes since the Company started trading in 2000. Importantly, eight years of continued growth and establishment of a solid reputation have put the Company in a strong position to enable it to weather the storm.

Telford Homes' development partnerships with registered social landlords, and investment partner status with the Housing Corporation will insulate the Company from the current economic climate to some extent. East London is still in a period of significant regeneration and, with the Olympic works progressing as we move towards 2012, the Company is well placed for a successful future as and when the housing market and economy begin to recover.”

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