Telford Homes has posted a 35% fall in pre-tax profit and scrapped its dividend but has given a bullish assessment of future prospects

Telford, which specialises in affordable homes in east London, said profit for the year ending 31 March came in at 拢4.3m, down from 拢6.5m a year earlier.

It blamed the result on a 拢2.9m writedown in its landbank.

Andrew Wiseman, Telford鈥檚 chief executive, said: 鈥淲e鈥檙e a profitable housebuilder, even with the writedown. Long term, we鈥檙e in an excellent position.鈥�

Last month, Telford received a 拢57m grant from the Homes and Communities Agency to fund the construction of affordable homes.

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