Telford Homes (LON:TEF) shares rose in early trading on Wednesday, after reporting a 35 percent rise in profit for the year to March 2018.

The group’s figures beat market expectations, with pre-tax profit hitting £46 million. For the year ahead, Telford Homes said it was likely to push pre-tax profit up to over £50 million, representing a 100 percent increase over four years.

Telford Homes declared a final dividend of 9.0 pence per share, bringing the total dividend for the year to 17.0 pence, up 8 percent on-year.

“Telford Homes continues to perform well and I am delighted to report such a strong set of results, which again have produced record levels of revenue and profit,” chief executive Jon Di-Stefano said.

“As we increase the scale of the business, our growth is underpinned by the under supply of new homes in London and robust demand at more affordable price points, particularly for rental housing.

“Our substantial development pipeline and increasing expertise in the burgeoning build-to-rent sector provide us with confidence for the future.”

The developer has benefitted from demand from overseas investors, especially from Chinese investors looking for London property.

“We are seeing growing investment from China due to the continued international attraction of London, despite Brexit, and strong rental demand relative to supply,” Di-Stefano said.

Shares in Telford Homes (LON:TEF) are currently trading up 1.38 percent at 464.83 (0816GMT).