28 May 2008
Telford Homes Plc (AIM:TEF), the residential developer in East London noted for regeneration projects within public sector partnerships, today announces its preliminary results for the year ended 31 March 2008.
- Turnover up 54% to £160.4 million (2007: £104.4 million)
- Profit before tax up 31% to £17.7 million (2007: £13.5 million)
- 2,051 properties under construction at 31 March 2008, with 73% already secured by contracts exchanged
- In response to current market conditions, the Company is taking a prudent approach to land acquisition, and exploring joint ventures and partnerships with housing associations which require reduced up front net equity
- Final dividend proposed of 5.5 pence per share, to be paid on 18 July 2008 to shareholders on the register on 27 June 2008. Total dividend for the year of 10.0 pence (2007: 8.9 pence per share)
Andrew Wiseman, Chief Executive of Telford Homes, commented: "Telford Homes has made good progress over the 2008 financial year. Our robust business model, in which we de-risk the business through pre-selling homes, has meant that Telford Homes is now in a strong position, in particular with the £125 million of unrecognised secured revenue that we carry forward into the 2009 financial year and beyond.
"The level of consumer confidence in the national housing market has been hit in recent months by the reduced availability and higher cost of mortgage finance. We are cautious in our approach to the new financial year, but the need for new housing in East London, together with an ongoing programme of regeneration, our brand's reputation and our beneficial partnerships with affordable housing providers, gives me confidence that the medium to longer term outlook for Telford Homes remains positive."
For further information:
|Telford Homes Plc|
|Andrew Wiseman, Chief Executive||Tel: +44 (0) 1992 809 800|
|Jon Di-Stefano, Financial Director|
|Alex Borrelli||Tel: +44 (0) 020 7408 4090|
|Chris Lane / Joanne Shears||Tel: +44 (0) 20 7398 7709|