Telford Homes Plc (AIM: TEF), the residential property developer in East London noted for regeneration projects within public sector partnerships, will hold its Annual General Meeting ("AGM") at 3:00pm today atFirst Floor, Stuart House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire. At the AGM the Chief Executive of Telford Homes, Jon Di-Stefano, will make the following statement:
"Telford Homes has maintained a strong rate of sales since the start of the new financial year and to date the Group has sold 233 open market properties across seven developments. This represents an increase of over 50 per cent against the same period last year and is in line with management expectations.
"Since securing the new bank facility on 31 March 2011 the Group has agreed terms to buy a number of new development sites that together are expected to add in excess of 400 homes to the development pipeline.
"As detailed in the Preliminary Results, I became Chief Executive of the Group on 1 July 2011 and Katie Rogers is expected to become our new Financial Director with effect from the AGM today. Katie has been with Telford Homes for three and a half years and is currently the Group's Financial Controller.
"The property market in East London has been robust despite a continued lack of mortgage finance at affordable levels. There remains a shortage of homes in London and improving transport links and ongoing regeneration in the area underpin our geographic focus. The Board is pleased to confirm that the Group is trading in line with market expectations for the current financial year and the long-term outlook for Telford Homes remains strong."
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