Telford Homes today reported a 49.3 per cent rise in turnover as the firm benefited from a recovering London property market.
Telford Homes reported turnover for the ended 31 March 2010 of £159.3 million, up from £106.7 million the prior year as the firm sold 389 homes during the year compared to 350 a year earlier.
The East London housebuilder also saw a rise in pre-tax profit, up 11 per cent to £8.1 million from £7.3 million the year before.
The improved performance helped the group reduce its net debt to £37.2 million from £107.2 million.
In February Telford raised £7.2 million through selling more shares and the money will be used to step up the firm’s building programme.
In addition Telford has secured £73 million from the Homes and Communities Agency as part of a grant programme.
Chief executive Andrew Wiseman said: “I am delighted to report an excellent set of results in the face of a challenging economic landscape.
“The East London property market has improved in the last six months and remains stable.
“Telford Homes’ strong local relationships together with the equity placing of £7.2 million will allow the group to deliver more homes into an undersupplied market and the continuing rate of sales to UK and overseas customers underpins the board’s confidence in committing funds to new development opportunities.
“Within East London ongoing regeneration, including development of the Olympic Park, and improving transport links indicate a favourable long term outlook for Telford Homes.”