Telford Homes PLC AGM Statement 2018 (3680U)
July 12 2018 - 2:00AM
UK Regulatory
TIDMTEF
RNS Number : 3680U
Telford Homes PLC
12 July 2018
12 July 2018
Telford Homes Plc
('Telford Homes' or the 'Group')
AGM Statement 2018
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:
"I am pleased to report that since our final results on 30 May
2018, Telford Homes has continued to perform well. The London
housing market at our typical price point has remained robust, with
ongoing demand from a broad base of customers. The average price of
the open market homes within our development pipeline is GBP539,000
and we expect that to remain relatively constant in the future. Our
homes priced below GBP600,000 continue to sell at a steady rate.
Above that level we have to work harder with prospective customers,
but nevertheless we are still securing sales in line with our
forecasts.
Forward selling continues to be a core part of our business
model through early open market sales launches and forward funded
build to rent developments. This approach reduces risk whilst
increasing visibility over profit recognition and cash inflows.
Combined with our average price point, this will help to insulate
Telford Homes against any short to medium term volatility in the
London housing market.
Over the past three years we have made strong progress in the
build to rent sector which now forms a significant part of our
future growth strategy. Our activity in this burgeoning sector is
helping to increase the scale of the business and will enable us to
build on our substantial development pipeline of over 4,000 homes.
I am pleased to report that we have commenced contractual
negotiations for the sale of 257 homes at Equipment Works in
Walthamstow, E17 with a significant build to rent investor. Having
purchased the site in December 2017, the Group began the formal
sale process in April 2018 and received interest from a large
number of investors. We expect to proceed to exchange of contracts
in the next few months.
We continue to appraise a number of new build to rent
opportunities as we look to strengthen our reputation as one of
London's leading developers in the sector. We have previously
reported the possibility of forming a longer term partnership with
at least one investor and we continue to believe this will be the
most productive way of delivering increased build to rent
development in the future. We are determined to find the right
investor to fit with our London focus and with a long term
commitment to the sector. Therefore, we have instructed Savills to
assist us in this process and we expect to make significant
progress before the end of 2018.
The Board remains confident that the imbalance between supply
and need for new homes at our typical price point in London will
underpin our future growth. We remain well placed to achieve our
stated goal of exceeding GBP50 million of total pre-tax profit for
the year to 31 March 2019, weighted towards the second half as in
previous years. Our position as one of the leading developers in
London will be further enhanced by our increasing activity in the
build to rent sector and the continued success of Telford Homes
will enable us to deliver consistent returns to our
shareholders."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive
Katie Rogers, Group Financial Director Tel: +44 (0) 1992 809
800
Guy Lambert, Head of Corporate Communications www.telfordhomes-ir.london
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)
Henry Harrison-Topham / Steph Watson Tel: +44 (0) 20 7466 5000
/
Catriona Flint
telfordhomes@buchanan.uk.com www.buchanan.uk.com
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END
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