Telford Homes Plc (AIM: TEF), the residential property developer in East London noted for regeneration projects within public sector partnerships, announces that at the Annual General Meeting held today, all resolutions put to shareholders were duly passed.
Andrew Wiseman, Chief Executive of Telford Homes, gave the following statement:
"New sales continue to be achieved at a satisfactory rate across all of the Group's developments. To date in the current financial year, there have been 153 new open market sales across 12 developments and 88 open market completions, which is in line with management's expectations.
"The Group is continuing to make good progress in putting in place a new corporate banking facility and has started to exercise options over open market development sites within estate regeneration projects, utilising some of the equity raised in the March share placing. Meanwhile construction continues on 534 affordable homes across nine different sites enabled by a secured HCA grant programme of £73 million.
"Despite the substantial cuts to public spending that will restrain the economy, the East London market is still experiencing a strong rental market and a shortage of supply which has been driving demand from both UK and overseas customers. The prospects for selling property in East London remain encouraging especially as regeneration continues, transport links are improved and the local area prepares for the 2012 Olympics.
"The Board confirms that the Group is trading in line with market expectations for the current financial year and the long-term outlook for Telford Homes is favourable."
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