Telford Homes PLC AGM Statement (9145L)
July 10 2014 - 2:00AM
UK Regulatory
TIDMTEF
RNS Number : 9145L
Telford Homes PLC
10 July 2014
Press Release 10 July 2014
Telford Homes Plc
("Telford Homes" or the "Group")
AGM Statement
Telford Homes Plc (AIM:TEF), the London-focused residential
property developer, will hold its Annual General Meeting ("AGM") at
12:30 p.m. today atTelford 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 the Group continues to thrive in
the buoyant London property market. Evidence of the strong demand
for the typical Telford Homes product is exemplified by the recent
launch of Vibe, our development of 101 homes in Dalston, E8. To
date, 79 of the 81 apartments in the first release have been sold
bringing total Group open market sales to over 275 since 1 April
2014. This compares favourably to the 515 contracts exchanged
during the year to 31 March 2014. Sales continue to both UK and
overseas customers seeking high quality homes to live in or as an
investment to satisfy ongoing tenant demand.
"The Group has also been successful in adding to its already
significant development pipeline. In the last few weeks we have
exchanged contracts for the purchase of a development site on
Rotherhithe New Road, Southwark, SE16 for GBP19 million. The site
has planning consent for 148 open market homes and 10 affordable
homes in a building ranging from six to 19 storeys alongside the
construction of a new primary school and sixth form academy within
the lower levels. The development is expected to be completed in
2018 and has a gross development value of circa GBP75 million. This
acquisition means future revenue expected from the Group's
development pipeline is now in excess of GBP950 million. The Group
has a reputation for delivering value to landowners and given its
strong financial position remains well placed to further add to
this pipeline.
"Recent measures outlined by the Bank of England to maintain
prudence in the mortgage market are welcomed by the Group. There
are not enough homes being built to meet demand for somewhere to
live in London and affordability constraints will act as a natural
break on rampant price inflation unless mortgage lending becomes
uncontrolled as it did in 2006 and 2007. This is not the case today
and, given the clear messages from both the Bank of England and
mortgage providers along with the lower loan to value mortgages
required by the Group's typical customers, the Board remains
confident of longer term stability in its areas of operation.
"The Board believes that Telford Homes is developing in the
right locations at a time when there are not enough new homes being
built. Given the success of recent sales launches and an enhanced
development pipeline the Group is well on track to deliver the
strong growth in pre-tax profits anticipated over the next four
financial years as highlighted in the preliminary results issued on
28 May 2014."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Tel: +44 (0) 1992 809
800
www.telfordhomes.plc.uk
Shore Capital
Pascal Keane / Patrick Castle Tel: +44 (0) 20 7408
4090
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
quincy.allan@abchurch-group.com www.abchurch-group.com
For further information, please see www.telfordhomes.plc.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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