Builder to report profit boost as sales rise
House builder Telford Homes has reported increased sales and completions.
In an interim statement covering the year to 31 March published today, the house builder reported it had exchanged contracts on 460 properties, compared to 368 the previous year.
Open market completions also increased, from 281 in 2010/11 to 314 in 2011/12.
As a result, Telford Homes will report better-than-expected pre-tax profit when it publishes its full preliminary results on 30 May.
Telford Homes is an investment partner under the Homes and Communities Agency’s affordable homes programme.
Jon Di-Stefano, chief executive of Telford Homes, said: ‘The London market has proved particularly resilient and, together with improved margins, our sales performance means profits for the year to 31 March 2012 are anticipated to be ahead of market expectations.
‘The board remains positive in its outlook with profit levels expected to increase significantly in the new financial year underpinned by pre-sales already secured and by some of the new sites we have acquired in the last 12 months.’
