Housebuilder Telford Homes is on track to post bumper profits after outperforming its 2011-12 results in the first three months of the financial year.
Speaking at the company’s AGM today, chief executive Jon Di-Stefano is to tell shareholders that the company has already exceeded the £3m pretax profit achieved in the whole year to 31 March 2012.
The London-focused developer has now legally completed or presold more than 70% of the open market homes targeted to be complete in the year to 31 March 2013.
Sales are expected to slow in the second half owing to development timings. New launches planned for later this year are limited to Parliament House on Black Prince Road near the Albert Embankment and the remaining homes at Avant-garde in Shoreditch.
Di-Stefano says: “We remain confident in developing in London where there is considerable demand as well as a continued shortage of homes. The board still expects a substantial increase in profits for the year to 31 March 2013, in line with market expectations, and the outlook for the group remains strong.”
jack.sidders@estatesgazette.com
