Telford Homes – 253.5p

18 April 2013 – trading update

A trading update from the London focused property developer has revealed that pre-tax profits for the year to 31 March will be ahead of expectations.  The group has exchanged contracts on 803 properties during the year (2012: 460) and helped by higher margins, pre-tax profits will be ahead of market expectations of £8.0m for the year.  This would have given earnings per share of 12.1p.  Like many other housebuilders the company is clearly performing ahead of expectations and the fact that it has pre-sold 94% for the year that has just started and 50% of the next two years is very positive.  The shares have performed strongly over recent months but given the positive momentum they remain a FIRM HOLD.

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