Telford Homes' H1 pretax profit more than halved

Telford Homes' H1 pretax profit has been more than halved to £9.3m, from £21.0m a year earlier.

"With revenues weighted to the second half the Board is confident of meeting market expectations for pre-tax profits in the year to 31 March 2017," the company said.

The reduction in H1 pretax profit was on total revenue of £104.3m, from £139.6m.

"Telford Homes is in a very strong position with over £700 million of forward sales secured and a substantial development pipeline," said CEO Jon Di-Stefano in a statement.

"The recent launch of City North in Finsbury Park exceeded our expectations achieving over 70 sales at higher than anticipated prices and proving that the right product in the right location remains attractive to buyers.

"The Group is extending its involvement in the build to rent sector and expects an increasing number of opportunities to secure revenues and earn higher capital returns through forward funding arrangements with institutional investors.

"Overall we are well positioned to deliver on our targets of achieving more than £50 million of annual pre-tax profit by 31 March 2019 and doubling the size of the business over the next five years."

At 9:28am: (LON:TEF) Telford Homes PLC share price was +2.13p at 315.88p