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Telford Homes sees surge in sales – MoneyWeek

Itexchangedcontractson218openmarketpropertiesinthelastsixmonths。

ThestrengthofLondonasaglobalcity,itsinternationalappeal,transportconnectionsandashortageofnewhomesmakethegroupsareaofoperationparticularlyattractive,especiallyonthebackofaverysuccessfulOlympicGames,thegroupsaidinacompanystatement。

Telfordsawanincreaseinprofitsexpectedfortheperiodwithatotalof252legalcompletionsachievedcomparedto125inthesamehalfayearearlierwhilemarginsimprovedsignificantly。

ChiefExecutiveJonDi-StefanosaidthesignificantprofitgrowthforthefirstsixmonthsoftheyearunderpinsitsconfidenceinachievingmarketexpectationsforthefullyeartoMarch31st2013。

Withmarginsmuchimproved,wealreadyanticipateimprovingonthecurrentmarketforecastfortheyearto31March2014。

Ourdevelopmentpipelinecandeliverfiveyearsofgrossprofitbasedonthecurrentyearandwearesellingwelltobothinvestorsandowner-occupiers。

ThemarketfundamentalsinLondonremainstrongandtheboardislookingforwardtocontinuingthegrowthofthebusinessoverthenextfewyears。

Telfordsaidithasextendeditsdebtfacilityof£90m,whichitsaid,wouldprovidesufficientheadroomtodevelopallexistingschemesandacquirenewsites。

CJ

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