Telford Homes on track to exceed £40m profit for 2018
AIM-listed London-focused residential property developer Telford Homes said on Thursday that it is on track to exceed £40m of pre-tax profit for the year to the end of March 2018.
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In a statement at the company’s annual general meeting in Hertfordshire, chief executive Jon Di-Stefano will tell shareholders that Telford is also on course to achieve £50m in pre-tax profit for the year to the end of March 2019, having already secured over 80% of the anticipated gross profit for next year and over 60% for 2019.
Since the group’s results on 31 May, Telford has achieved further momentum in the build to rent sector and is assessing a number of “exciting new development opportunities” to add to its £1.5bn development pipeline.
Telford highlighted “the chronic need for new homes in London” and said that although all of its developments are being delivered on programme, the timing of their completion is not evenly spread across the current financial year. It expects less than a quarter of the forecast open market handovers for the year to occur in the first six months and as a result, full-year profits will be significantly weighted towards the second half.
“Whilst there has been some political and economic uncertainty in recent weeks the Group is hopeful of greater stability in the months ahead. Regardless of this uncertainty there remains a lack of supply of new homes relative to need in non-prime areas of London. We believe this imbalance, coupled with our increased focus on build to rent, will continue to underpin the longe- term growth of Telford Homes."
At 0920 BST, the shares were up 2.1% to 394.75p.