Telford Homes profits treble as London demand soars

Suzie Neuwirth

LONDON residential property developer Telford Homes today announced that pre-tax profits had trebled this year, thank to exceptional demand for homes in the capital.

The Aim-listed firm said that profits had increased to £9m for the year ended 31 March 2013.

“The Group has already sold 99 per cent of the open market properties expected to be completed in the year to 31 March 2014 and more than 50 per cent for each of the following two years,” said chief executive Jon Di-Stefano.

“The business is in an excellent position with increasing margins, a significant development pipeline, enhanced financial strength and an unprecedented level of pre-sales all underpinning the board's expectations of substantial profit growth in the next three years.”