- London-focused residential property developer Telford Homes posted a 16% rise in first-half profit but said it had 'work to do' to reach its annual profit guidance.

Pre-tax profit rose to £10.1m, as revenue rose 31% to £129.6m.

The company declared an interim dividend of 8.5p per share, up 6.3%.

Telford had already announced previously that it still needed to sell more homes to reach its annual pre-tax profit guidance of at least £50m.

On Wednesday, chief executive Jon Di-Stefano said: 'We still have work to do in order to achieve our original target of exceeding £50m of total profit and Brexit brings a certain amount of unpredictability to that.'

'Regardless, we remain extremely confident in our long-term strategy of delivering an increased number of much needed homes in non-prime locations of the chronically undersupplied London market.'

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