12 July 2012
Telford Homes Plc (AIM:TEF), the residential developer in East London today announces its interim results for the six months ended 30 September 2011.
- Revenue for the six months ended 30 September 2011 was £58.6 million
(H1 2010: £58.2 million) including 125 open market completions (H1 2010: 133)
- Strong sales achieved with contracts exchanged on 288 open market properties in the first six months of the year, a 30% increase compared to the same period last year
- Gross profit margin before exceptional items and interest increased to 18.2% (year ended 30 September 2011: 15.1%)
- Operating margin before exceptional items and interest increased to 6.6% (year ended 30 September 2011: 5.2%)
- Profit before tax and exceptional items of £1.5 million in line with expectations and consistent with prior half year
- Interim dividend up by 20% to 1.5 pence per share (H1 2010: 1.25 pence)
- Over 70% reduction in the number of unsold finished open market homes since 1 April 2011
- Terms agreed on over £30 million of land purchases since 1 April 2011 with cash resources and bank funding to make further land acquisitions
- On target to achieve full year profits similar to the previous year and a significant increase expected in the year to 31 March 2013
Jon Di-Stefano, Chief Executive of Telford Homes, commented: "Telford Homes has increased the number of open market properties sold in the first half of the year by 30% with many of these sales securing profits to be recognised in the future. Profit margins are improving and land is being acquired utilising the bank facility signed earlier this year. The London market has remained strong and East London will continue to benefit from regeneration and transport improvements with the Olympics providing an increased focus on the region in 2012. The Group remains on target to achieve full year profits in line with market expectations with a significant increase anticipated in the year to 31 March 2013."
|Telford Homes Plc|
|Jon Di-Stefano, Financial Director||Tel: +44 (0) 1992 809 800|
|Katie Rogers, Financial Director|
|Graham shore / Pascal Keane||Tel: +44 (0) 020 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.