Telford Homes Regulatory News (TEF)

17 Apr 2007 07:01

Telford Homes PLC17 April 2007 FOR RELEASE AT 7.00AM 17 APRIL 2007 TELFORD HOMES PLC ('Telford Homes' or 'the Company') TRADING UPDATE Telford Homes Plc issues the following trading update for the year ended 31stMarch 2007. Preliminary results will be announced on 22nd May 2007. The strong sales performance reported in our interim report on 21st November2006 has continued into the second half of the year with the market in EastLondon remaining buoyant. Consequently sales and margins for the year are inline with revised expectations following our trading update in September 2006. New development sales launches in the second half of the year have beensuccessful with all 53 private homes at Metro East, E3 and all 144 private homesat SoBow, E3 sold. Contracts were exchanged on 81 of these homes prior to theyear end and a further 115 have exchanged since. The first phase of 184 private apartments at Queen Mary's Gate, our majordevelopment in South Woodford, continues to sell well with 112 now sold, largelyto the owner-occupier market. In November we reported that the Company had exchanged contracts to purchase asite in Bethnal Green Road near Liverpool Street station. This was acquired in ajoint venture with Genesis Housing Group and is expected to achieve a planningconsent for more than 300 homes. The equity invested in this site representedthe first investment of the £14.4 million net placing funds raised in 2006.Since then we have purchased a number of new development sites including SoBow,E3 from one of our Housing Association partners and a significant site inGreenwich acquired in a joint venture with The Royal Bank of Scotland. Thelatter is subject to receipt of a planning consent for 372 homes which isexpected to be granted in the next few months. Work has commenced on the new homes on the British Estate, E3 as part of theregeneration by the social landlord, East End Homes. We expect strong demand forthese properties at the sales launch. Furthermore we have been confirmed as thedevelopment partner for East End Homes on a number of other well located estatesin Tower Hamlets. As a result of our trading performance the Company expects to announce resultsin line with market expectations for the year ended 31st March 2007. For further information please contact: Telford Homes PlcAndrew Wiseman / Jon Di-Stefano 01992 809800 Shore CapitalGraham Shore / Alex Borelli 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange