Telford Homes PLC AGM Statement 2017 (9236K)
13 July 2017 - 4:00PM
UK Regulatory
TIDMTEF
RNS Number : 9236K
Telford Homes PLC
13 July 2017
13 July 2017
Telford Homes Plc
('Telford Homes' or the 'Group')
AGM Statement 2017
Telford Homes Plc (AIM:TEF), the London focused residential
property developer, will hold its Annual General Meeting ('AGM') at
12.30pm today at Telford House, Queensgate, Britannia Road, Waltham
Cross, Hertfordshire EN8 7TF. At the AGM the Chief Executive of
Telford Homes, Jon Di-Stefano, will make the following
statement:
"Since we reported our final results on 31 May 2017, Telford
Homes has achieved further momentum in the build to rent sector and
we are assessing a number of exciting new development opportunities
to add to our GBP1.5 billion development pipeline.
Build to rent, in which the Group has already secured over
GBP230 million of combined contract value representing nearly 500
homes, remains a strategic focus for the Group and we expect to
undertake further transactions in the sector. Our desire to be at
the forefront of this sector in London was supported in early June
2017 with the signing of a pre-construction development agreement
with Greystar to deliver 894 rental homes in Nine Elms. This
potentially transformational deal is an example of a growing number
of large-scale investors who want to work with a partner that has
the skills required to identify land, achieve planning consents and
manage and control the entire design and construction process under
the brand of a respected London developer.
Our confidence in delivering continued growth remains unchanged,
supported by the chronic need for new homes in London. The Group is
on track to exceed GBP40 million of profit before tax for the year
to 31 March 2018 and GBP50 million in the year to 31 March 2019
having already secured over 80 per cent of the anticipated gross
profit for 2018 and over 60 per cent for 2019. As was the case in
the year to 31 March 2017, whilst all of our developments are being
delivered on programme, the timing of their completion is not
evenly spread across the current financial year. We expect less
than a quarter of the forecast open market handovers for the year
to occur in the first six months and as a result full year profits
will be significantly weighted towards the second half.
Whilst there has been some political and economic uncertainty in
recent weeks the Group is hopeful of greater stability in the
months ahead. Regardless of this uncertainty there remains a lack
of supply of new homes relative to need in non-prime areas of
London. We believe this imbalance, coupled with our increased focus
on build to rent, will continue to underpin the longer term growth
of Telford Homes."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Tel: +44 (0) 1992
809 800
Katie Rogers, Financial www.telfordhomes-ir.london
Director
Shore Capital (Nomad and
Joint Broker)
Dru Danford / Patrick Castle Tel: +44 (0) 20
7408 4090
Peel Hunt LLP (Joint Broker)
Charles Batten / Capel Irwin Tel: +44 (0) 20
7418 8900
Media enquiries:
Buchanan (PR Adviser)
Victoria Hayns / Steph Watson Tel: +44 (0) 20
7466 5000
telfordhomes@buchanan.uk.com www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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