James Furlong, the Land Director of Telford Homes, a London-focused residential property developer, has purchased 33,627 shares just one week after the firm assured investors at its annual general meeting (AGM) that its sales continue to be secured at a healthy rate across all of its developments.
Furlong, 76, purchased the shares at 107.00p each for a total of £35,981, taking his total number of shares to just under 1.4m, equal to 2.79% of the issued shares capital.
Speaking at the AGM last week, Telford's Chief Executive, Jon Di-Stefano, said the company 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."
Unaudited profit before tax in the three months to June 30th already exceeds the £3.0m achieved in the whole year to March 31st 2012.
"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," he added.
East London focused residential developer Telford Homes said pre-tax profit in the year ended March 31 2012 is expected to be ahead of market expectations after strong sales in the second half. [16 Apr '12]
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