30 May 2018

Telford Homes Plc (AIM:TEF), the London focused residential property developer, today announces its final results for the year ended 31 March 2018.


  • Record total revenue of £316.2 million (2017: £291.9 million)
  • Total profit before tax for the year exceeded original market expectations increasing by 35 per cent to £46.0 million (2017: £34.1 million)
  • Well placed to exceed £50 million of total pre-tax profit for the year to 31 March 2019, representing a 100 per cent increase over four years
  • Strong performance reflected in improvement in adjusted gross margin of 4.2 percentage points and adjusted operating margin of 3.3 percentage points, up to 16.7 per cent (2017: 13.4 per cent)
  • Proposed final dividend of 9.0 pence per share bringing the total dividend for the year to 17.0 pence per share (2017: 15.7 pence), an increase of just over 8 per cent
  • 100 per cent customer recommendation rate in 2017 places Telford Homes top of the housebuilder rankings
  • Robust London market for housing at our typical price point with demand from a broad base of build to rent investors, individual investors, owner-occupiers and housing associations
  • Over 100 homes sold at the launch of New Garden Quarter, Stratford in January 2018
  • Strong demand from build to rent investors with the Group exploring a number of interesting opportunities to enhance supply to this sector
  • Development pipeline of over 4,000 homes with several new acquisitions being actively pursued
  • New longer term £210 million corporate loan facility negotiated at lower interest rate

Commenting on the Final Results, Jon Di-Stefano, Chief Executive of Telford Homes, said: “Telford Homes continues to perform well and I am delighted to report such a strong set of results which again have produced record levels of revenue and profit. As we increase the scale of the business, our growth is underpinned by the under supply of new homes in London and robust demand at more affordable price points, particularly for rental housing. Our substantial development pipeline and increasing expertise in the burgeoning build to rent sector provide us with confidence for the future. I believe our increased focus on build to rent will drive the next phase of our growth and allow us to consistently deliver total pre-tax profits in excess of £50 million.

The strength of our position and our ability to capitalise on the exciting possibilities ahead are a result of the hard work and dedication of the whole Telford Homes team.  I am exceptionally proud of the customer recommendation and employee satisfaction scores we achieved last year and I am confident there is a relationship between them.  I look forward to us building on the solid foundation we have created for Telford Homes both in the year ahead and beyond.”


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 / Step Watson 
Tel: +44 (0) 20 7466 5000