02 December 2015
Telford Homes Plc (AIM:TEF), the London focused residential property developer, today announces its interim results for the six months ended 30 September 2015.
- Profit before tax more than doubled to £21.0 million (H1 2014: £9.4 million)
- Margins remain in excess of the Group's target levels
- Interim dividend increased to 6.5 pence (H1 2014: 5.1 pence)
- Focus on non-prime locations in London where demand remains strong
- Acute shortage of new homes driving longer term growth plans
- Forward sales of more than £700 million to be recognised from the year to 31 March 2016 onwards
- Institutional private rented sector investment expected to contribute sales in the future
- United House acquisition has increased the development pipeline to over £1.5 billion
- Successful equity placing raising £50 million to take new opportunities and accelerate growth
- Immediate progress made in utilising the funds raised following the acquisition of Carmen Street site with detailed planning consent for 206 homes
- Telford Homes well placed to cement its position as one of London's leading developers
Jon Di-Stefano, Chief Executive of Telford Homes, commented: "I am delighted to be reporting another excellent set of results for Telford Homes including more than doubling pre-tax profits to £21 million. A fundamental lack of supply of homes in London is contributing to strong demand for our properties in non-prime locations. As a result we have a sector leading forward sold position which gives the Board exceptional visibility over future profits and cash flows.
Our recent acquisition of the regeneration business of United House and an equity placing raising £50 million are important steps in delivering on the Board's longer term growth targets. We will continue to invest the placing funds over the next few months, having already acquired a substantial site with planning permission for 206 homes, and the Board is very confident in the prospects for Telford Homes over the next few years."
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|
|Charles Batten / Hugh Preston||Tel: +44 (0) 20 7418 8900|
|Quincy Allan / Alex Shaw||Tel: +44 (0) 20 7398 7710|
Copies of this announcement are available from the Group at Telford House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF and on our website www.telfordhomes.london.