Housebuilder posts pre-tax profit of £3.3m, compared with £2.5m for the same period last year. Turnover rose 26% to £27.8m over the same period.
Housebuilder Telford Homes reported a 35% rise in profits over the six months to September 30, defying tough market conditions.
The housebuilder posted pre-tax profits of £3.3m, compared with £2.5m for the same period last year, despite a drop in sales of higher priced properties. Turnover rose by 26% to £27.8m over the same period.
The company’s results were boosted by a jump in prices on its properties close to the Olympic site in Stratford. One of the company’s sites adjacent to the planned park on Warton Road was included within the London Development Agency’s Compulsory Purchase Order issued earlier this month, but Telford has received assurances that the LDA will withdraw the notice once infrastructure planning for the Olympics is complete.
Andrew Wiseman, Chief Executive of Telford Homes, said: 'The six months ended 30th September 2005 has been another successful period in the growth of the Company with results in line with our expectations. Market conditions remained tough over the summer and into early autumn. Since September there have been signs of improvement and although we have a number of sales to secure I remain confident that 2005-6 will be another record year for Telford Homes.”