- Telford Homes warned that its pre-tax profit for the first half of 2018 will be significantly lower than the second half, and also lower than the corresponding period last year.

To be sure, the company said the fall, which it pinned on imbalances in development completions, will be "entirely in line with expectations".

Telford Homes said its interim dividend is "proposed to increase in accordance with anticipated full-year profit growth".

It said it's on track for a full-year profit before tax above £40m, in accordance with market expectations.

The board's longer-term positive outlook is unchanged, it said.

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