Telford Homes posted record revenues of £291.9 million, for the year ended 31 March 2016, an increase of 19 per cent. Other highlights include:
- Pre-tax profit for the year exceeded original market expectations increasing to £34.1 million (2016: £32.2 million);
- On track to exceed £40 million of profit before tax in the year to 31 March 2018 and £50 million in the year to 31 March 2019;
- Over 80 per cent of anticipated gross profit for the year to 31 March 2018 and over 60 per cent for March 2019 already secured;
- Proposed final dividend of 8.5 pence per share bringing the total dividend for the year to 15.7 pence per share (2016: 14.2 pence), an increase of just over 10 per cent 99 per cent customer recommendation rate in calendar year 2016;
- Substantial forward sales position at 1 April 2017 amounting to £546 million (2016: £579 million) underpinning growth expectations over the next few years;
- Increased focus on build to rent with pipeline now representing nearly 500 homes with a combined contract value of over £230 million;
- Continued investment in land with three site acquisitions in the last four months;
- Development pipeline at £1.5 billion of future revenue represents more than five times revenue reported in the year to 31 March 2017.
Jon Di-Stefano, Chief Executive of Telford Homes, said, “I am delighted to report record levels of revenue and profit for the year to 31 March 2017 and an increase in the dividend paid to shareholders. Since the start of 2016 we have swiftly established Telford Homes at the forefront of the London build to rent sector with over £230 million of combined contract value secured to date. Build to rent is a strategic focus for the Group and we expect to further increase our activity in the coming months.
“Our confidence in delivering continued growth remains unchanged, supported by the chronic need for homes in London. We are on track to exceed £40 million of profit before tax for the year to 31 March 2018 and £50 million in the year to 31 March 2019 having already secured over 80 per cent of the anticipated gross profit for 2018 and over 60 per cent for 2019.”