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The share price of AIM-listed housebuilder Telford Homes (LON:TEF) has climbed by 4.81% to 288.44 (as of 15:16 BST) after revenues rose by 12% during the year ended 31st March. Pre-tax profits dropped due to a change in product mix, but the company’s development pipeline remains strong and the firm has retained its 2020 profit guidance.
CEO Jon Di-Stefano commented: “Our business model is increasingly focused on build to rent housing and the reduced risk and lower capital requirements it brings. Despite some challenges, our performance in the year to 31 March 2019 represents a great achievement for Telford Homes with revenue at an all-time high due primarily to an increased proportion of build to rent contracts.
“Over the last three years we have made substantial progress against our objective to increase our output of build to rent homes to meet demand from institutional investors and to deliver high quality rental properties in the capital. There remains a long-term structural imbalance between housing supply and housing need in London. Our recently announced partnerships with Invesco and M&G signal our reputation as a trusted build to rent partner, and as such are a significant step as we continue to develop our profile at the forefront of this burgeoning sector“.
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