Telford Homes reports record revenue driven by build to rent

In its financial results to the end of March, the housebuilder reported revenue of £245.6m, an increase of 42% from the £173.5m recorded in the previous year.

Pre-tax profit for the year increased by 28% to £32.2m, up from £25.1m in the year to the end of March 2015.

Part of the company’s success this year can be attributed to private rented scheme developments in London. Last week it sold a 150-home and commercial space development in Carmen Street, in the Tower Hamlets area of east London to fund manager M&G Real Estate for £63m.

Jon Di-Stefano, chief executive of Telford Homes, said: “Forward funded PRS (private rented sector) transactions offer strong returns and we are very pleased to have swiftly secured our second sale in the sector just a few months after the first. “

In February Telford sold 156-unit development The Pavilions in north London to housing association L&Q for £67m.