16 April 2012 – trading update
Telford Homes has said that it exchanged contracts on 460 open market properties in the year to 31 March 2012, a 25% increase yeasr-on-year (2011: 368). The number of open market completions in the year to 31 March 2012 increased to 314 (2011: 281), which was ahead of management’s expectations.
The increased number of open market completions, as well as with margin improvement, mean that profit before tax for the year to 31 March 2012 will be ahead of market expectations. The company has also stated that it expects a significant increase in profit before tax for the year to 31 March 2013 given the current development pipeline and pre-sales already secured. Although the share price has moved back above 100p we continue to rate the company as a BUY.