Telford Homes expects to double profits

Telford Homes is expected to double its profit for the first half of the financial year as housing demand exceeds supply.

In a trading update for the six months to 30 September, the AIM-listed property developer said that profit before tax is expected to more than double compared to the first half of 2014 when it was £9.4m.

The company also flagged a strong forward sold position of over £685m to be recognised across five financial years.

The future is also looking positive for the company due to an under-supply of new homes at an affordable price in London, which underpins its growth strategy.

Chief executive Jon Di-Stefano said the group continues to add to its development pipeline.

“With over £685 million of forward sales secured, Telford Homes remains well on track to meet profit expectations for the year to 31 March 2016 and beyond."