At 10:30am BST Telford Homes PLC (LON:TEF) traded at 369.12 -0.57%
Telford Homes PLC today announced its final results for the year ended 31 March 2016 reporting a record 42% growth in revenue of £245.6 million for the year up from £173.5 million in 2015. Pretax profit rose by 28%, exceeding original market expectations as it rose to £32.2 million from £25.1 million.
The company also forecast profits would exceed £50 million in fiscal 2019.
Telford announced a final dividend of 7.70p per share, bringing the total dividend to 14.20p, a 27.9% increase up from 11.1p the previous year.
The London-focused residential property developer said its demand for its “typical product” remained strong from investors and owner-occupiers across all developments. Its move into the institutional private rented sector (PRS) have returned ‘exceptional capital returns’ and mark the start of a “new direction” for Telford Homes and could become an increasingly significant part of future sales in the coming years.
Telford Homes stated it has secured over 50% of the cumulative revenue expected in the next three financial years up to 31 March 2019.
It’s development pipeline is in excess of £1.5 billion of future revenue, six times greater than the revenue reported in the year to 31 March 2016.
Chief Executive of Telford Homes, Jon Di-Stefano said:
