29 November 2017

Telford Homes Plc (AIM:TEF), the residential property developer focused on non-prime London, today announces its interim results for the six months ended 30 September 2017 (“H1 2018”).


  • Well positioned to meet market expectations for the full year to 31 March 2018 with over 95 per cent of gross profit secured
  • Total forward sales, to be recognised this financial year and beyond, of over £580 million
  • The structural shortage of homes to buy and rent in non-prime areas of London continues to underpin the Group’s longer term growth plans
  • Substantial development pipeline of over £1.4 billion of future revenue comprising of just under 4,200 homes
  • As anticipated, due to development timings, profit before tax for H1 2018 was £8.7 million, slightly lower than the equivalent period last year (H1 2017: £9.0 million)
  • Completions are proceeding as planned with no unexpected delays
  • Increased institutional demand in the build to rent sector, where margins continue to exceed Group targets
  • Telford Homes recognised as a desirable build to rent partner by multiple potential investors
  • Increased interim dividend by 11.1 per cent to 8.0 pence (H1 2017: 7.2 pence)
  • Announced appointment of a new Group Land & Planning Director, Jerome Geoghegan, expected to join the Board in January 2018 from L&Q Housing Group
  • On track to deliver over £40 million profit before tax for FY 2018 and secured over 65 per cent of the gross profit required to exceed £50 million in FY 2019

Jon Di-Stefano, Chief Executive of Telford Homes, commented:

“Telford Homes is firmly on track to deliver profit before tax in excess of £40 million for the year to 31 March 2018, in line with market expectations, having secured over 95 per cent of anticipated gross profit. The Board is very happy with the current position of the business and our move into build to rent is a significant part of our long term strategy as we continue to develop homes in non-prime locations across London.

“We have a development pipeline of nearly 4,200 homes, worth £1.4 billion, set to be delivered into an undersupplied London market over the next few years. We are confident that we can deliver on our aspirations and continue to grow Telford Homes in order to secure long term value for our shareholders.”

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For further information:

Telford Homes Plc
Jon Di-Stefano, Chief Executive
Katie Rogers, Group Financial Director
Guy Lambert, Head of Corporate Communications
Tel: +44 (0) 1992 809 800

Shore Capital – Nomad and Joint Broker
Dru Danford / Patrick Castle
Tel: +44 (0) 20 7408 4090

Peel Hunt LLP – Joint Broker
Charles Batten / Capel Irwin
Tel: +44 (0) 20 7418 8900

Media enquiries:
Henry Harrison-Topham / Victoria Hayns
Steph Watson / Catriona Flint
Tel: +44 (0) 20 7466 5000