Telford Homes sees surge in sales

London focused residential property developer Telford Homes saw a significant rise in first half profit while sales momentum continued as demand for its London property remains strong.

London focused residential property developer Telford Homes saw a significant rise in first half profit while sales momentum continued as demand for its London property remains strong.

In an update ahead of its interim results next month, the east London house builder said it is now 85 per cent sold in terms of the open market homes expected to legally complete in the year to 31 March 2013 and over 50 per cent sold for the year to 31 March 2014.

It exchanged contracts on 218 open market properties in the last six months.

"The strength of London as a global city, its international appeal, transport connections and a shortage of new homes make the group's area of operation particularly attractive, especially on the back of a very successful Olympic Games," the group said in a company statement.

Telford saw an increase in profits expected for the period with a total of 252 legal completions achieved compared to 125 in the same half a year earlier while margins improved significantly.

Chief Executive Jon Di-Stefano said the significant profit growth for the first six months of the year underpins its confidence in achieving market expectations for the full year to March 31st 2013.

"With margins much improved, we already anticipate improving on the current market forecast for the year to 31 March 2014."

"Our development pipeline can deliver five years of gross profit based on the current year and we are selling well to both investors and owner-occupiers. The market fundamentals in London remain strong and the board is looking forward to continuing the growth of the business over the next few years."

Telford said it has extended its debt facility of £90m, which it said, would provide sufficient headroom to develop all existing schemes and acquire new sites.

CJ

Recommended

Share tips of the week – 19 August
Share tips

Share tips of the week – 19 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
19 Aug 2022
How to invest in smart factories as the “fourth industrial revolution” arrives
Share tips

How to invest in smart factories as the “fourth industrial revolution” arrives

Exciting new technologies and trends are coming together to change the face of manufacturing. Matthew Partridge looks at the companies that will drive…
18 Aug 2022
How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022

Most Popular

How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
How to cut your energy bill
Personal finance

How to cut your energy bill

The energy-price cap will almost double in the autumn. What does this mean for your money, and how can you alleviate the squeeze? Ruth Jackson-Kirby h…
17 Aug 2022
Are GSK’s legal troubles a threat to the firm’s survival?
Biotech stocks

Are GSK’s legal troubles a threat to the firm’s survival?

Pharmaceutical giant GlaxoSmithKline is facing legal action over heartburn drug Zantac that has seen billions wiped off its market value. Rupert Hargr…
16 Aug 2022