- Housebuilder Telford Homes posted a 35% rise in annual profit that beat market expectations amid strong demand for new dwellings in London.

Pre-tax profit rose to £46.0m, comparing favourably to guidance delivered by the company in April for a rise of 'more than 30%'.

Telford Homes said it was well placed to exceed £50m of total pre-tax profit for the year to 31 March 2019, representing a 100% increase over four years.

It declared a final dividend of 9.0p per share, bringing the total dividend for the year to 17.0p, up 8% on-year.

'Telford Homes continues to perform well and I am delighted to report such a strong set of results, which again have produced record levels of revenue and profit,' chief executive Jon Di-Stefano said.

'As we increase the scale of the business, our growth is underpinned by the under supply of new homes in London and robust demand at more affordable price points, particularly for rental housing.'

'Our substantial development pipeline and increasing expertise in the burgeoning build-to-rent sector provide us with confidence for the future.'

'I believe our increased focus on build-to-rent will drive the next phase of our growth and allow us to consistently deliver total pre-tax profits in excess of £50 million.'

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