26 May 2010
Telford Homes Plc (AIM:TEF), the residential developer in East London noted for regeneration projects in partnership with the public sector, today announces its preliminary results for the year ended 31 March 2010.
- Revenue increased to £159.3 million (2009: £106.7 million)
- Profit before tax and exceptional items increased to £8.1 million (2009: £7.3 million)
- Net assets increased to £63.1 million (2009: £50.3 million)
- Net debt reduced to £37.2 million (2009: £107.2 million)
- Final dividend of 1.25 pence which, together with the 0.75 pence interim dividend, makes a total dividend for the year of 2.0 pence (2009: Nil)
- Exceptional costs remained unchanged from interim results at £780,000 (2009: £3.0 million)
- Number of open market completions increased to 389 from 350
- The secured grant programme with the Homes and Communities Agency ("HCA") has been increased to £73 million
- A placing of new shares in February 2010 raised £7.2 million to enable the Group to develop more homes for open market sale
- Named ‘Homebuilder of the Year 2009' at the Mail on Sunday British Home Awards, Best City Development 2009 from the Evening Standard, an Innovation Award for Building Technology and three NHBC awards recognising build quality
Andrew Wiseman, Chief Executive of Telford Homes, commented: "I am delighted to report an excellent set of results in the face of a challenging economic landscape. The East London property market has improved in the last six months and remains stable. Telford Homes' strong local relationships together with the equity placing of £7.2 million will allow the Group to deliver more homes into an undersupplied market and the continuing rate of sales to UK and overseas customers underpins the Board's confidence in committing funds to new development opportunities.
"Within East London ongoing regeneration, including development of the Olympic Park, and improving transport links indicate a favourable long term outlook for Telford Homes."
For further information:
|Telford Homes Plc|
|Andrew Wiseman, Chief Executive||Tel: +44 (0) 1992 809 800|
|Jon Di-Stefano, Financial Director|
|Graham Shore / Pascal Keane||Tel: +44 (0) 20 7468 7910|
|Henry Harrison-Topham / Joanne Shears||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.