28th Nov 2018 11:31
LONDON (Alliance News) - Telford Homes PLC said Wednesday that its interim revenue and profit surged in the first half in a market characterised by uncertainty due to the difficult political and economical background.
For the six months ended September 30, the property developer posted pretax profit of GBP10.1 million, up 16% from GBP8.7 million.
Revenue jumped 31% year-on-year to GBP129.6 million from GBP99.3 million.
Chief Executive Officer Jon Di-Stefano said: "Telford Homes made pleasing progress during the first half of the financial year, despite an increasingly uncertain economic and political backdrop."
"Our strategic shift towards purpose built rental homes sold to institutional investors continues to be beneficial to our risk profile and growth potential whilst also being well timed in terms of the changing requirements of our typical customers in London."
The company upped its interim dividend by 6.3% to 8.5 pence per share from 8.0p.
Looking ahead, the company continued to express confidence in its strategy to deliver "much needed homes" in "non-prime locations of the chronically undersupplied London market".
It described its pipeline as "substantial" as it comprises just over 5,000 homes worth GBP1.65 billion.
Telford Homes shares were trading up 3.0% at 308.50p each.
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