Telford Homes announced its final results for the year ended 31 March 2019. The group’s total profit before tax fell to £40.1m (2018: £46.0m), owing to the increased proportion of lower-margin build to rent developments within the company’s total revenue.
The group has also completed and handed over more than 300 build to rent homes to date, with a further 1,422 currently in progress. The development pipeline stands at 4,900 homes with a total expected gross development value of £1.59bn. While the group proposed a final dividend of 8.5p per share, resulting in total dividend for the year at 17.0p per share.
Beyond FY20, the group expects profit growth again, helped by the increased focus on lower risk and less capital intensive build to rent developments.
Jon Di-Stefano, Telford Homes CEO said: “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. There remains a long-term structural imbalance between housing supply and housing need in London.”