New chief executive as housebuilder reports 鈥檖lanned鈥� downsizing
Profits at London East-End housebuilder Telford fell by 65% in the last six months after it dramatically scaled back land-buying during the recession.
It revenue also fell, by a third to 拢58.2m on the same period in 2009, which it nevertheless said was in line with expectations. The company also announced executive chairman David Holland is to stand down, to be replaced by current chief executive Andrew Wiseman. Wiseman will be replaced by finance director John Di-Stefano.
The firm reported profits of just 拢2m, compared to 拢5.7m in the same period last year, with legal completions of homes down by 41% to 133. However it said current sales rates were encouraging, with 250 homes sold since April 1st.
Wiseman said: 鈥淎lthough there is a shortage of supply of new housing in London, demand remains constrained by the restricted availability of mortgage finance. The Board anticipates that mortgage availability may not see any significant improvement before early 2012.鈥�
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