LONDON (Alliance News) - Residential property developer Telford Homes PLC on Wednesday said it anticipates pretax profit for the year to the end of March will slightly outpace market expectations.
Telford said demand remains strong for its properties and said it has successfully launched The Liberty Building site in east London, with 105 open market apartment sales made over the past four weeks.
Telford said more than half the cumulative revenue expected for the financial years through to the end of March 2019 has already been secured through forward sales and said its longer-term growth expectations have been increased, with pretax profit now forecast to rise to more than GBP50.0 million in the year to the end of March 2019.
"We are developing in the right parts of London where a lack of supply of new homes is driving demand from owner-occupiers, UK investors, overseas investors, their tenants and increasingly institutional investors. As a result of this demand and a substantially enhanced development pipeline the board has been able to increase its longer term growth expectations," said Jon Di-Stefano, Telford's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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