House builder Telford Homes booked a lower first-half profit after revenue fell and administrative expenses rose.
Pre-tax profit fell by 3.5% to £8.70m, though the company said this was due to development timings rather than the underlying performance of the business.
Chief executive Jon Di-Stefano said the company was on track to deliver pre-tax profit "in excess of £40m for the full year, which he said was in line with market expectations.
"The board is very happy with the current position of the business and our move into build to rent is a significant part of our long term strategy as we continue to develop homes in non-prime locations across London," he said.
Telford Homes declared an interim dividend of 8p per share, up 11.1% from a year earlier.
At 8:21am: (LON:TEF) Telford Homes PLC share price was +5.75p at 405.75p