Telford Homes Regulatory News (TEF)

7 Jul 2005 12:55

Telford Homes PLC07 July 2005 FOR IMMEDIATE RELEASE 7 JULY 2005 TELFORD HOMES PLC ('Telford Homes' or the 'Company') AGM STATEMENT At the Annual General Meeting of the Company held earlier today, all resolutionswere duly approved by shareholders. Andrew Wiseman, Chief Executive, made the following comments: "For the year to date, contracts exchanged and properties sold subject tocontract total 112 properties. This total comprises 28 private homes, 83affordable homes and one commercial unit. This number of properties and thecurrent mix between private and affordable homes is in line with ourexpectations for the first quarter of the year. Telford Homes announced record results for the year to March 2005 on 24 May 2005and at that time I reported that market conditions were tough and that securingfuture sales would represent a challenge. I also reported that I was confidentthe Company could continue to be successful and produce another year of growth. The last six weeks have not changed my view of the overall market place and Istill expect a challenging year in terms of securing sales. However there aremany reasons for Telford Homes to look ahead to a bright future. I was delighted to hear the news that London has been awarded the 2012 OlympicGames. Telford Homes has already played a key role in the regeneration of EastLondon and our relationships with local authorities and housing associationsleave us well placed to take advantage of any acceleration in the regenerationprocess as a result of the Olympic decision. Many of our development sites are within a few minutes of the site of theOlympic Park. Our joint development with the Royal Bank of Scotland in WartonRoad, Stratford is adjacent to the Park and the sales launch of 162 privatehomes is planned for later this year. I am also pleased to announce that we have exchanged contracts to acquire thesite of the former halls of residence of Queen Mary and Westfield College inSouth Woodford. This site already has planning permission for the development of323 private homes and 118 affordable homes and it is the largest site thatTelford Homes will have developed to date. The purchase is from an individual developer, Mr Tommy Tomkins, for a fixedpercentage of sales receipts with a proportion paid at the start of thedevelopment. The arrangement has advantages for both parties as the low initialcapital outlay for Telford Homes will improve our return on capital and MrTomkins will participate in the development rewards. Funding has been agreed with the Royal Bank of Scotland and we expect tocommence construction almost immediately. The development is expected tocontribute to our results over the next four years." For further information please contact: Telford Homes PlcAndrew Wiseman, Chief Executive 020 8498 6789Jon Di-Stefano, Financial Director This information is provided by RNS The company news service from the London Stock Exchange