East London focused residential developer Telford Homes said it is on target for full year results at similar levels to 2011, despite a fall in half year profit, and expects a significant profit spike in the year to 31 March 2013.
Telford expects annual profit to more than double through 2013 on the back regeneration from the Olympics, the Westfield Stratford shopping centre and private sales.
The group, which focuses on London east end of brownfield sites, said profit before income tax fell to £1.5m for the six months ended 30 September from £2m the year before. Revenue was up slightly at £58.6m from £58.2m previously.
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"The London market has remained strong despite economic uncertainty and the group's core area of East London will continue to benefit from regeneration and transport improvements with the Olympics providing an increased focus on the region in 2012," Telford said.
The Waltham Cross based firm said its development pipeline at 30 September 2011 fell to 1,891 properties compared to 1,904 properties at the end of March.
At 30 September 2011 net debt was £45.7m down from £46m at 31 March 2011.
An interim dividend of 1.5p per share has been recommended, up from 1.25p.
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