LONDON residential property developer Telford Homes said pre-tax profits had trebled thanks to exceptional demand for homes in the capital.
The Aim-listed firm said yesterday it sold 803 homes in the year ended 31 March, a 75 per cent jump on last year.
Profit before tax increased to £9m compared with £3m the previous year while revenue rose by 14.5 per cent to £142.4m.
“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.
“London is the right place to be developing with a robust micro-economy, an international reputation, a fantastic transport network and a significant shortage of homes when compared to current demand let alone future population growth.”
Telford said it has seen strong demand from both investors and owner-occupiers for its schemes, which include Stratford Plaza, near Westfield shopping mall and Parliament House in Westminster.
While the UK market has seen strong demand from overseas investors, Telford said over 60 per cent of sales in the year to end of March were to UK buyers.