Pre-tax profit hits £7.3m, while turnover jumps 89% to £52.6m
London-based Telford Homes has benefited on the capital’s strong housing market and posted 120% increase in its interim pre-tax profit.
Profit before tax rocketed to £7.3m for the six months to 30 September up from £3.3m the year before. Turnover jumped up 89% to £52.6m.
Andrew Wiseman, chief executive, the results reflected the sale of all 179 homes at OneStratford was expected record results for the financial year.
Over the six-month period Telford Homes sold 258 private home sand 17 affordable homes. The housebuilder also raised £14.4m from a share placing in September which will be used to expand.