In the six months to 30th September 2015, Telford Homes made a pre-tax profit of £21.0m on total revenue of £139.6m. For the same period in 2014 it made £9.4m on £65.1m revenue.
The number of open market completions was 282, up from 140 last year.
And the growth is expected to continue on the back of the acquisition of United House Developments in September and an equity placing to raise £50m of new capital last month.
Chief executive Jon Di-Stefano said that he is aiming to more than double the company’s output over the next five years.
Last week we reported that Telford Homes had bought a development site in Poplar from Ballymore and is planning to start building a 22-storey block of flats.
In other developments, the company now has full planning permission, after an initial delay, for 156 homes at Caledonian Road, London N1 and work has started on site. Permission has also been granted in recent weeks for: 471 homes at Chobham Farm, Stratford in partnership with Notting Hill Housing Group; for 192 homes at Redclyffe Road, E6; and for an increased scheme of 155 homes at Limeharbour, E14.
The board is also monitoring the emergence of institutional investment in the private rented sector (PRS) and the board “expects this to be a feature of the group's sales in the future”.