16 July 2015
Telford Homes Plc (AIM:TEF), the London focused residential property developer, will hold its Annual General Meeting ("AGM") at 12:30 p.m. today at Telford House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF. At the AGM the Chief Executive of Telford Homes, Jon Di-Stefano, will make the following statement:
"I am pleased to report that the Group continues to experience very strong demand from investors, tenants and owner-occupiers across all of its developments. The most recent evidence of this is the successful launch of the 148 open market homes at Bermondsey Works, SE16 where 94 sales were achieved during June 2015 with a total value of £44 million. The Group has secured 218 open market sales since 1 April 2015 and the total value of all forward sales secured and due for completion in the year to 31 March 2016 onwards is now over £620 million, more than three and a half times the revenue reported last year.
"The Board expects the demand for somewhere to live in London to remain high given population trends, the continuing strength of the London economy and long term constraints on the supply of new homes. It is this underlying imbalance between demand and supply that supports the Group's plans to increase output over the next few years. The Board welcomes the recent measures outlined by the new Government to improve the planning process particularly the intention to remove unnecessary delays, devolving more power to the Mayor of London and speeding up the process for brownfield land. In May 2015 Telford Homes called for Government help to increase the supply of new homes after the success of demand side policies in the last few years. Whilst further detail is needed, the latest measures are very encouraging particularly given that all of the Group's developments are on brownfield land.
"The Group continues to appraise many opportunities to further increase its substantial development pipeline and is in detailed negotiations on a number of prospective sites. The current pipeline extends into 2019 but the Board is still keen to increase this when the right opportunities arise. Telford Homes is developing in attractive but relatively affordable locations at a time when there are not enough new homes being built in London. Given this dynamic and the consistently high demand for our product the Board remains confident of delivering on expectations for the year to 31 March 2016 and in laying the foundations for sustained long term growth."
For Further information:
|Telford Homes Plc
Jon Di-Stefano, Chief Executive
Kate Rogers, Financial Director
Tel: +44 (0) 1992 809 800
|Shore Capital - Nomad and Joint Broker
|Pascal Keane / Patrick Castle
|Tel: +44 (0) 20 7408 4090
|Peel Hunt LLP - Joint Broker
|Alex Vaughan / Hugh Preston
|Tel: +44 (0) 20 7418 8900
|Quincy Allan / Alex Shaw
|Tel: +44 (0) 20 7398 7710