LONDON (Alliance News) - Telford Homes PLC Wednesday said it expects pretax profit for the first half of its financial year to more than double what it made in the same period the prior year.
The London-focused residential property developer made a pretax profit of GBP9.4 million in the first half of its last financial year, which it expects to more than double in the six months to September 30, 2015.
It said that following several successful sales launches in the period, the group's forward sold position currently stands at over GBP685 million to be recognised across five financial years from the year to March 31, 2016 onwards.
Legal completions on forward sold homes are also being achieved in line with expectations, Telford said, which are weighted towards the first half.
"Telford Homes is focused on relatively affordable locations in non-prime inner London where the demand for new homes from investors, tenants and owner-occupiers far exceeds the supply. The group continues to add to its development pipeline and our recent acquisition of the regeneration business of United House Developments has resulted in an enhanced longer term strategic pipeline stretching over the next eight years. With over GBP685 million of forward sales secured, Telford Homes remains well on track to meet profit expectations for the year to March 31, 2016 and beyond," Chief Executive Jon Di-Stefano said in a statement.
Shares in Telford were trading up 2.6% at 430.86 pence Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
