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Telford Homes enjoys Olympic effect

30 May 12 London housebuilder Telford Homes is seeing its profits running ahead of expectations and set to get higher in the year ahead.

Telford Homes' Matchmakers Wharf development, close to the Olympic stadium
Telford Homes' Matchmakers Wharf development, close to the Olympic stadium

In the year to 31 March 2012, Telford Homes saw its pre-tax profit beat market expectations to reach £3.0m (2011: £2.5m before exceptional items), with an operating margin of 6.2% (2011: 5.2%).

Revenue was up 2.7% to £124.4m

Chief executive Jon Di-Stefano said: "Strong sales and higher margins ensured that profits in the year to 31 March 2012 were ahead of expectations.  The fundamentals of the London housing market remain robust and our forward sales position includes over 65% of the open market homes expected to complete in the year to 31 March 2013.  The board has previously stated that it expects a substantial increase in profit before tax in the new financial year and this remains the case.

"London, and East London in particular, will soon be firmly in the international spotlight with the longer term benefits of the Olympics already evident in terms of transport infrastructure and new facilities.  The Board is looking forward to another year of improving margins, increased profit levels and a major sporting event on the doorstep."

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