StockMarketWire.com - Telford Homes anticipates its FY 2016 pretax profit will be slightly ahead of current market expectations.

"The Group was already over 90 per cent forward sold at the start of the financial year but has improved on original forecasts due primarily to initial profit recognition on the PRS sale announced in February 2016," the company said.

HIGHLIGHTS:

· Market remains strong for typical Telford Homes product from UK investors, overseas investors and owner-occupiers

· Successful launch of The Liberty Building, E14 selling 68 of the 105 open market apartments in the last four weeks with a combined sales value of over £40 million

· More than 50% of the cumulative revenue expected in the next three financial years up to 31 March 2019 has already been secured through forward sales

· First Private Rented Sector ("PRS") development contracted with L&Q for £66.75 million

· Terms agreed on a second PRS transaction with significant potential for more over the next few years

· Development pipeline as at 31 March 2016 of over £1.5 billion of future revenue

· Many opportunities continue to be appraised and negotiated to further strengthen the development pipeline, utilising the £50 million placing funds raised in October 2015

· Longer term growth expectations have increased during the year with profit before tax now forecast to exceed £50 million in the year to 31 March 2019.








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