Telford Homes has recorded a record revenue of £245.6 million compared to a revenue of £173.5 million for the same period last year, an increase of 42 per cent. Pre-tax profit for the year exceeded original market expectations, increasing by 28 per cent to £32.2 million from £25.1 million in 2015.
Jon Di-Stefano, Chief Executive of Telford Homes, said, “It has been another exceptional year for Telford Homes resulting in record revenue and profits. The Group has been successful in forward selling homes through traditional channels and has added to this by contracting its first significant sales in the Private Rented Sector. The 2015 equity placing for £50 million, together with substantial headroom in the Group’s £180 million revolving credit facility, means Telford Homes is in a strong position to continue its growth.
“There have been some recent and justifiable concerns over prime residential properties in London but this is a different market to that served by Telford Homes. The Group is focused on desirable non-prime locations in London at a price point that continues to see strong demand. There is an ongoing housing crisis and a clear imbalance between the supply of homes and the needs of a growing population. Telford Homes is building homes for Londoners in a market where demand continues to significantly outstrip supply, and the Board believes that this undeniable structural factor will underpin the Group’s future growth.”