Shares in Telford Homes rose nearly 10 per cent to 107p after the residential property developer confirmed that profits for the year to the end of March will be ahead of expectations. Furthermore, a significant profits increase is expected in the current year from the receipts of pre-sales already secured.
IC TIP:
Buy
at
107p
Contracts exchanged last year rose 25 per cent to 460, and completions rose from 281 to 314. For the new financial year the group has already exchanged contracts on 348 properties. And since last April, Telford has acquired or agreed terms on 19 sites that will add over 1,200 properties to the development pipeline, of which 900 will be for open market sale.
