Telford Homes Share News (TEF)

Property development group Telford Homes has announced it expects to report significant growth as pre-tax profits are anticipated to "more than double" for the year ended March 31st.The London-focused company expects annual profit before tax to increase over the next four financial years so that it will more than double again by March 31st 2018. In a trading statement released Wednesday, the group said it has exchanged contracts for the sale of 515 open market properties and legally completed 492 open market properties in the same period resulting in a further advance.Towards the end of the past fiscal year the group was 98% sold in terms of open market homes expected to be legally complete in the year to March 31st 2015, over 70% for 2016 and over 25% sold for 2017.The company plans to launch major developments later in the year starting with properties in Stratford City E15 that will compromise 181 new homes and 157 open market properties.The board intends to maintain its current dividend policy of paying one third of after tax earnings in dividends and investing the rest back into the business.Jon Di-Stefano, Chief Executive, said: "The market in which Telford Homes operates remains very strong and the group is benefitting from this trading environment. "Margins and profits have been increasing and profit before tax is expected to more than double in the year to 31 March 2014. In addition the group has continued to invest in the development pipeline such that this represents future revenue of £875m, a 40% increase in the year."Broker Cantor Fitzgerald said: "Telford's [statement] this morning was very strong even for a company which has reported better-than-expected results for at least the last six quarters."As of 14:40 the share price had risen 1.52% to 341.25p. WS