- Telford Homes said it was on track to exceed £40m of pretax profit for the year to 31 March 2018, and £50m in the year to 31 March 2019, as it warned that its FY profits would be significantly weighted to H2.

It said it had already secured more than 80% of the anticipated gross profit for 2018 and more than 60% for 2019.

"As was the case in the year to 31 March 2017, whilst all of our developments are being delivered on programme, the timing of their completion is not evenly spread across the current financial year," said CEO Jon Di-Stefano.

"We expect less than a quarter of the forecast open market handovers for the year to occur in the first six months and as a result full year profits will be significantly weighted towards the second half," he said in a statement.

"Whilst there has been some political and economic uncertainty in recent weeks the Group is hopeful of greater stability in the months ahead."

Di-Stefano said in his AGM statement that, regardless of this uncertainty, there remained a lack of supply of new homes relative to need in non-prime areas of London.

"We believe this imbalance, coupled with our increased focus on build to rent, will continue to underpin the longer term growth of Telford Homes."

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