For the year ended 31st March 2017, Telford Homes generated revenue of £291.9m, an increase of 19% (2016: £245.6m).
Pre-tax profit for the year increased to £34.1m (2016: £32.2m), ahead of original market expectations.
The board said that it was on track to top £40m of profit before tax in the current financial year and £50m in the year to 31st March 2019.
Chief executive Jon Di-Stefano said: “Since the start of 2016 we have swiftly established Telford Homes at the forefront of the London build-to-rent sector with over £230m of combined contract value secured to date. Build-to-rent is a strategic focus for the group and we expect to further increase our activity in the coming months.”
In February 2017, Telford Homes paid £30.2m to buy the former London Electricity Board building on Cambridge Heath Road, London E2, to turn it into flats. The anticipated gross development value of the site is approximately £95.0m.
“Subject to planning consent, we expect to start work on site in 2018 and to finish in 2021,” Jon Di-Stefano said.
Since April, Telford Homes has also exchanged contracts to acquire Stone Studios in Hackney Wick for 120 homes plus commercial space, and has been selected as the preferred partner of the London Borough of Brent to develop 236 homes in South Kilburn. Both sites have full planning consent and are expected to start on site later this year.