01 June 2011
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 2011.
- Contracts exchanged for the sale of 368 open market properties, an increase of 45% (2010: 253)
- Profit before tax and after exceptional items in line with expectations at £3.0 million (2010: £7.3 million)
- Final dividend of 1.25 pence making a total of 2.5 pence for the year (2010: 2.0 pence), reflecting the strong longer term prospects for the Group
- Number of open market properties completed in the year is as expected at 281 (2010: 389) due to reduced output
- £70 million banking facility finalised with The Royal Bank of Scotland, HSBC and Santander in March 2011
- Strong demand for early sales of future developments, particularly from purchasers in the Far East
- Over 170 sales at Avant-garde, E1, following a launch in the Far East and UK in April and May 2011
- The Group has been acquiring land during the period, to enable future growth
Andrew Wiseman, Chief Executive of Telford Homes, commented: "As anticipated, the Group's strategy during the recession has resulted in reduced output and margins, but it is expected that these effects will have been worked through the business by March 2012. Beyond this date the Board expects significant growth as the market in East London remains robust, and is continuing to benefit from the substantial investment being made in advance of the 2012 Olympics.
"Sales performance during the period has been better than expected, with off-plan marketing of developments in the Far East showing particular success. The Board is confident that the long term prospects for the business remain strong."
|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) 020 7408 4090|
|Henry Harrison-Topham / Quincy Allan||Tel: +44 (0) 20 7398 7710|
Copies of this announcement are available from the Group at First Floor, Stuart House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF and on the Group's website www.telfordhomes.plc.uk.