15th Oct 2013 07:36
LONDON (Alliance News) -Telford Homes PLC said Tuesday it expects profits for the full year to March 31, 2014 to be significantly ahead of market expectations due to substantially improved margins and profit from affordable housing contracts on sites acquired ahead of schedule.
In a trading update, the London-focused residential property developer said it is now 100% sold in terms of the open-market homes expected to be legally complete in the year to March 31, 2014, over 70% sold for 2015, and over 55% for 2016.
Including properties sold, subject to contract, Telford said the number of sales in the year to date is in excess of 430, with the customers remaining a balanced mix of owner-occupiers, UK based investors, and overseas investors.
In June, Telford raised GBP20 million through a share placing. These funds, alongside debt finance, provided the group with an additional GBP50 million to invest in new development opportunities, Telford said.
The company's net debt position at March 31 has been reversed to a net cash position at September 30, 2013 but this will revert back as planning consents are achieved and further site purchases occur.
Telford Homes shares were quoted up 7.1% Tuesday morning at 331.05 pence per share.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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