02 December 2009
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 2009.
- Revenue of £85.9 million (H1 2008: £35.6 million); full year revenue and profit expected to be heavily weighted towards the first half
- Profit before tax and exceptional items of £6.5 million (H1 2008: £0.3 million)
- Dividend payment reinstated at 0.75p given the strong results
- 224 open market homes legally completed (H1 2008: 119)
- Strengthened partnership with the Homes and Communities Agency, with the grant programme now extended to £73 million
- Net debt reduced to £71.3 million (31 March 2009: £107.2 million) with gearing at 130%
Andrew Wiseman, Chief Executive of Telford Homes, commented: “The Board is pleased to report that it has seen a positive shift in sentiment in the market in East London, which is reflected in the increased number of new sales during the period. Our excellent relationships with housing associations have enabled us to concentrate on the development of affordable housing in order to reduce our exposure to risk and continue construction with an improved cash flow profile achieved at reduced margins.
“Overall, we are in a strong position, having focused on cash generation and reducing debt levels during the period. An ongoing shortage of new homes, related demand for rental properties and regeneration led by the 2012 Olympics all support the Board’s long term confidence in East London.”
For further information:
|Telford Homes Plc|
|Andrew Wiseman, Chief Executive||Tel: +44 (0) 1992 809 800|
|Jon Di-Stefano, Financial Director|
|Graham Shore||Tel: +44 (0) 020 7468 7910|
|Chris Lane / Henry Harrison-Topham||Tel: +44 (0) 20 7398 7709|
Copies of this announcement are available from the Group at First Floor, Stuart House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF and on our website www.telfordhomes.plc.uk.