Tackling London's housing crisis just helped this builder more than double profits
And that strategy is paying off handsomely. The builder released its half-year report on Wednesday, showing:
- Revenue more than doubled from £65 million ($98 million) to £139.5 million ($210.3 million);
- Pre-tax profit more than doubled from £9.4 million ($14.2 million) to £20.9 million ($31.5 million);
- Margins "in excess of the Group's target levels."
That rocketing demand is why, despite rising sales and building costs, Telford is able to more than double revenues and profit from where it was a year ago.Telford builds homes worth between £500 ($753) and £800 ($1,206) per square foot< ;and has seen booming demand in East London areas like Stratford, Whitechapel, and Limehouse.
Telford is also basing its 5-year growth strategy on the housing crisis, saying:London still suffers from an acute shortage of homes compared to current need, let alone future population growth, and it is clear that any increase in supply needs to be in areas where tenants and owner-occupiers can actually afford to live. The imbalance between supply and demand in the Group's typical locations is the primary driver of the Board's plans to increase the number of homes that Telford Homes is building over the next few years.
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