Member Info for terrace

Steph..Something has got lost in translation here,they need to sell the 60 units to meets guidance and that is not a done deal at the moment.If they sell another 20 units,PBT will be about £44m,not £50m.

Steph,If legal completion of any of the 60 units under discussion occurs before the end of March 19,the full sale value is accounted for in H2, if not,they are valued at the lower of cost or net realisable value.The end of March is just a date and it doesn't really matter that much if some of the units don't complete until 19/20,does it?as long as they sell at a sensible price eventually.Home building,especially of apartment blocks,is a very lengthy process from site purchase to legal completion of sales,so it is very difficult to achieve a smooth path of increasing profits,it might be fairer to look at a rolling 3 year achievement picture.This is a well run little business that delivers our aspirations and we shouldn't kick it if profits arrive a little later than hoped for.

Cyber..I think you will find that profit cant be taken until legal completion,not exchange of contracts.,

Steph...£10m divided by 60 units is £167k PBT per unit on average.

They have sold 30 in the last 7 weeks and need to sell another 60 ( of which 20 are in the more difficult over £600k price range) in the next 17 weeks ( including a few dead weeks in the Xmas/New Year period) to reach target PBT.

NAV £235m....market cap £ 227m

Fantastic business,difficult market.

https://www.brrmedia.co.uk/broadcasts/5bfd807bde87317597837270/telford-homes-interim-results-2018

Steph....don't hold your breath.

The spectre of a bad Brexit is hanging heavy over financial markets and consumer confidence.The questions that we should have about the future after tomorrows interim results are;
* Are the measures being taken by TEF likely to result in EPS making progress ( or at least not decline) until the private sale market is "on fire" again.
*Are TEF long voiced intentions of making IPRS account for 50% of revenue,likely to materialise.
*How well are they going to cope with private sales,at sensible prices,if the present difficult conditions persist for a few years.
Home builder announcements/results in the last 6 months have done nothing to propel SPs upwards and the worst is being priced in,so whatever TEF reveal is unlikely to unleash a flood of interest.

It would appear that those who voted to leave the EU had no idea what they were really voting for (we still dont know) and we should put the final deal to the people for a second vote before we leave for good.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=INL&ArticleCode=ej4884dj&ArticleHeadline=AGM_Statement

There will come a time when we will all regret not getting stuck in big time at anything like 300p.

The release of the trading update last month wiped about £80m off TEF market cap,hoping for a better reaction to the interims.

https://www.theguardian.com/money/2018/nov/24/mortgage-deal-income-darlington-clydesdale

Nice sensible,realistic,calming post Strictly.Its just the uncertainty putting the brakes on everything right now.Whatever the outcome,soft,hard,no deal or stay in,once we know what is going on,we can get on with our plans.TEF just have to keep building well located,state of the art,attractive,affordable homes,private sale or IPRS,if they build it they will come.Just need confidence in their jobs and the prospect of future pay increases.

PSN 2.1
BKG 1.7
TW 1.6
CSP 1.6
BWY 1.4
RDW 1.3
BVS 1.2
BDEV 1.1
CRST 1.1
UANC 1.1
TEF 1.0
ABBY 0.9
INL 0.7
all very low historically.

Steph....There are growing calls for a second referendum on the final terms of Brexit to establish whether the people still want to proceed.What possible justification could there be for denying them a further vote?.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CSP&ArticleCode=ouu6y49h&ArticleHeadline=Full_Year_Results

https://otp.tools.investis.com/clients/uk/bovis_homes/rns/regulatory-story.aspx?newsid=1207587&cid=1525

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=TW.&ArticleCode=ax9htev9&ArticleHeadline=Taylor_Wimpey_plc__Trading_statement

https://www.dailymail.co.uk/money/markets/article-6364383/230m-windfall-builders-start-Help-Buy.html