LONDON (Alliance News) - London-focused residential property developer Telford Homes PLC on Thursday said strong demand for its homes continued in the first half of the year and said it is on track to meet growth and profit expectations for the next four years on the back of a robust development pipeline.
The company said strong demand for its homes continued in the first half of 2014, with more than 500 open market sales made since the start of its financial year on April 1, compared to 515 in the whole of 2013. The group sold 200 homes at Stratosphere in Stratford.
It said its development pipeline now has more than GBP1 billion in future revenue, including a GBP16.3 million contract signed with FTSE 250-listed Workspace PLC in order to progress the redevelopment of the Poplar Business Park in east London.
Jon Di-Stefano, the chief executive of Telford Homes, said the company is on track to meet its expectations for pretax profit in excess of GBP120 million over the next four financial years. For the financial year that ended March 31, Telford Homes reported pretax profit of GBP19.2 million, up from GBP9.0 million the year before.
Telford will report its results for the six months to September 30 on November 26.
Telford shares were down 3.2% to 350.83 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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