New chief executive as housebuilder reports ’planned’ 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 £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 £2m, compared to £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: “Although 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.”
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