Housebuilder reports bumper performance in trading statement
Telford Homes doubled pre-tax profit in the year to 31 March 2014, the firm said in a trading statement ahead of publication of its full-year results next month.
The housebuilder - which made a pre-tax profit of 拢9m last year - added it expects to double profit once more over the next four financial years to 31 March 2018 to make a cumulative pre-tax profit of 拢120m for the period.
The London-focused firm said its operating margin increased to 15% last year, up from 9.7% in 2013, while the firm鈥檚 average selling price increased to 拢400,000, up from 拢353,000.
Telford Homes added its development pipeline has increased by 40% and is now worth an anticipated 拢875m of future revenue.
Jon Di-Stefano, chief executive of Telford Homes, said: 鈥淭he market in which Telford Homes operates remains very strong, and the Group is benefitting from this trading environment.鈥�
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