Telford Homes has posted a pretax profit of £9m for the six months to 30 September – 57% down on its first-half pretax profit.
This compares with £21m in the same period last year. Revenue also fell to £104.3m, down from £139.6m.
Despite this, the board has said that the company plans to double in size over the next five years, owing to the rise of the build-to-rent sector in the UK.
Chief executive Jon Di-Stefano said: “The group is extending its involvement in the build-to-rent sector and expects an increasing number of opportunities to secure revenues and earn higher capital returns through forward funding arrangements with institutional investors.”
The residential developer added that it was well positioned to deliver more than £50m in annual pretax profit by the financial year 2019. It also said that its current order book stands at more than £700m.
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