Telford Homes Plc (AIM:TEF), the London-focused residential property developer, will hold its Annual General Meeting ("AGM") at 12:30 p.m. today atFirst Floor, Stuart House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF. At the AGM the Chief Executive of Telford Homes, Jon Di-Stefano, will make the following statement:
"I am pleased to report that Telford Homes continues to perform well assisted by continuing strength in the London property market. To date the Group has either legally completed or pre-sold over 70 per cent of the open market homes targeted to complete in the year to 31 March 2013. Due to development timings the Board expects profits for the current financial year to be weighted towards the first six months and unaudited profit before tax in the three months to 30 June 2012 already exceeds the £3 million achieved in the whole year to 31 March 2012.
"Sales continue to be secured at a healthy rate across all of the Group's developments and there are some significant launches planned for later this year including Parliament House on Black Prince Road near the Albert Embankment and the remaining homes at Avant-garde in Shoreditch.
"We remain confident in developing in London where there is considerable demand as well as a continued shortage of homes. The Board still expects a substantial increase in profits for the year to 31 March 2013, in line with market expectations, and the outlook for the Group remains strong."
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