Telford Homes trebles profit as demand soars

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.

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.

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

Recommended

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021