Housing group reports 10% increase in profit in 鈥檈xtremely encouraging鈥� market

Regeneration specialist Telford Homes has reported a 10% increase in pre-tax profit to 拢8.1m for the year ended March 31 2010.

The group said sales since September had been 鈥渆xtremely encouraging鈥�. It has raised 拢7.2m on the stock market to deliver more developments in an 鈥渦ndersupplied market鈥�.

Chief executive officer Andrew Wiseman said: 鈥淭he East London property market has improved in the last six months and remains stable.鈥�

鈥淭he rate of new sales since September last year, both to owner occupiers in the UK and to overseas buyers, has been extremely encouraging.鈥�

Wiseman admitted that 25% of sales in the open market in 2006 and 2007 were not completed by the original buyer. The group re-sold the majority of these properties to individual owner occupiers.

The group saw revenue increase to 拢159.3m, up from 拢106.7m the previous year and net assets rose 25% to 拢63.1m.

Net debt was reduced to 拢37.2m from 拢107.2m last year. The group added that the number of open market completions increased to 389 from 350 in the year.

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