London-focused residential property developer Telford Homes said pre-tax profit increased three-fold and it expects another substantial increase in profit in the financial year ahead.
Pre-tax profit rose to £9.0m for the year ended March 31 2013 from £3.0m the same period a year earlier. Revenue climbed to £142.4m from £124.4m before.
Operating profit increased to £10.6m from £4.8m before. Basic earnings per share jumped to 14.3p from 4.7p. Operating margin before interest rose to 9.7% from 6.2% in 2012.
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Telford said it experienced exceptional demand with contracts exchanged for the sale of 803 open market properties in the year, a 75% on 2012.
Chief Executive Jon Di-Stefano said Telford experienced exceptional levels of demand in recent months and has already sold 99% of the open market properties for completion in the year to March 31st 2014 and more than 50% for each of the following two years.
"The business is in an excellent position with increasing margins, a significant development pipeline, enhanced financial strength and an unprecedented level of pre-sales all underpinning the Board's expectations of substantial profit growth in the next three years."
The total dividend has been boosted to 4.8p from 3.0p in 2012.
Shares of Telford rose 1.50p to 270p at 08:30 in London.
CJ
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