I don't think their name "Telford" indicates where they operate - East London according to Shares.

The current sp 1.50 is more-or-less the price prior to the Olympic Bid, which probably gave the sp a boost, withouit looking to far to the cost involved.

It's been all downhill for the last 12-months - Oooo deary.
The yield isn't good, despite the fall.

Telford Homes confirms profits surge
By Lee Wild | Wed, 2nd December 2015 - 11:24

Telford Homes confirms profits surge You would think Telford Homes (TEF) is in something of a sweet spot. It builds homes in London, where affordable new homes are in short supply, and bosses said seven weeks ago that profit in the first half had more than doubled. That's just been confirmed - but Telford shares have underperformed the sector by almost 10% since a fundraising last month at a discount to the market price. That looks unfair.

Telford made a pre-tax profit of £21 million in the six months to 30 September, as an increase in completions from 140 to 282 drove revenue up 115% to £140 million. Gross profit margin of 27.6% easily beat the firm's 24% target.

Admittedly, results this year will be weighted to the first half due to the timing of completions, but house broker Peel Hunt still thinks profit will jump by a fifth in the year ending March 2016 to £30.5 million.

Telford has also recorded total forward sales of over £700 million to be recognised after March next year. Taking a 10% deposit on each sale and more on exchange of contracts is great for cash flow and funds growth.

"Given the forward sold position, the group remains well on track to meet profit expectations for the year to 31 March 2016 and beyond," it says.

Development pipeline 'beefed up'

Buying United House in September has also beefed up Telford's development pipeline, which now stands at more than £1.5 billion. Peel Hunt reckons this should support the group doubling output to over 1,000 units by 2020.

Raising £50 million from a share placing at 360p last month also provides firepower. Telford has already started spending it and promises to put all the cash to work within two years. That should help the company achieve its target of annual profit in excess of £45 million from 2019, then double 2015 profits by 2020.

Peel Hunt pencils in £50 million profit for 2020, but it could be more. "Our forecasts also prudently assume no further house-price inflation, the effects of which could provide a material boost to medium-term profits," says the broker.

"The shares offer an average yield of c4% over the next four years and our target price of 475p implies potential upside of 24%. 'Buy' recommendation maintained."

And that doesn't seem overly aggressive. Of course, planning delays are part of life for every housebuilder, and local authorities can be prickly customers. But Telford has got a grip on costs and it works in a market where demand will exceed supply for years. A forward price/earnings (PE) ratio of around 11 seems scant reward.

Robin Hardy at Shore Capital agrees, arguing that Telford is "still the stock showing the greatest value in the sector, driven by its desire to maximise growth and capitalise on market potential".

From the Guardian UK house prices set to rise further as demand outstrips supply

House prices in the UK are set to increase by between 4% and 6% in 2016, as increasing affordability problems and the prospects of an interest rate rise put the brakes on the property market, the country’s biggest mortgage lender has forecast.

Demand for property has increased in recent months, but the number of homes coming on to the market has remained at a record low. Surveyors and property websites have reported a shortage of properties for sale which is driving up prices, and described a vicious circle as potential sellers wait until there are more homes available before putting theirs on the market.

In the first 2016 forecast to be published by a major lender, Martin Ellis, Halifax’s housing economist, said there was little reason to expect this pattern to change in the year ahead. “As a result, the substantial imbalance between supply and demand is likely to persist, maintaining upward pressure on house prices in 2016,” he said.

“On average, UK house prices look expensive compared to incomes but valuations are supported by the low levels of property for sale, low levels of housebuilding, and exceptionally low interest rates.”

However, Ellis said he did expect growth to fall from its current level. Halifax’s most recent monthly update of its house prices index put the average value of a UK property at £205,240 – 9.7% higher than a year earlier.

For 2016, he said national growth was likely to slow to between 4% and 6% – which at the top end would add more than £12,000 to the cost of buying – while in London the slowdown will be sharper. House price rises in the capital have already eased since the autumn of last year, when Halifax’s index was showing an annual increase of 21%. This autumn it had fallen to 13%, and Ellis said he expected growth to fall into single figures in 2016.

Ellis said the national fall would be driven by the continuing affordability crisis, which has seen prices across the UK rise the equivalent of 5.31 times average earnings, and those in London reach a new high of 7.96 times. Although mortgage rates are at record lows, buyers are having to save more for deposits in order to get a loan.

“With house prices continuing to increase more quickly than average earnings, it is increasingly difficult to get on the housing ladder,” he said. “This ongoing development, combined with the growing prospect of an interest rate rise, should start to put the brakes on house price growth during the course of 2016.”

The bank’s monthly figures are based on mortgages it agrees each month, adjusted to reflect the sale of a typical house. Increases have outstripped the 3% to 5% predicted by the lender a year ago, the result it said of interest rate rises being pushed back, the continued fall in the cost of mortgages, and weaker than expected supply.

Beyond 2016 Halifax said it expected growth to be broadly in line with earnings, which have started to pick up in recent months. But much will hinge on whether the government’s recent promises to create more homes come to fruition. “Levels of housebuilding remain well below those required to keep up with the pace of household formation, but we do expect improvements over the medium term,” said Ellis. “An upward trend in housebuilding would help to bring demand and supply into better balance, helping to constrain upward pressure on house prices.”

Halifax’s prediction for 2016 is in line with that published by the Office for Budget Responsibility. It has forecast growth of 4.8% in 2016, followed by a similar increase in 2017. However, the OBR said changes to taxes paid by landlords added uncertainty to its predictions. Next April will see a surcharge added to the stamp duty paid on second homes, a move which will affect buy-to-let landlords and could lead to a flurry of activity before the change.

The tax hike on buy to let and stamp duty on second homes plus possible interest rate rises should see more properties from the lower end come on to the market in the next couple of years and hopefully put the brakes on these runaway prices .

390.50p +10p

Since 12:30pm has started moving north and now there is a strong order book with DEPTH of 30 v 18

Talk around of TEF were out in the market with Cally Road demand from the owner occupier would be much stronger

It was Peel Hunt in their post dilution report who said Tef were 'in advanced negotiations' to sell the 156 unit Cally Road development

Good article and TEF tick a lot of boxes for the institutional investor, Excellent conduit to product for them in growth locations

Https://www.investec.co.uk/content/dam/investec/investec.co.uk/Files/property/unlocking-the-door-for-the-mid-market-private-rented-sector.pdf

needs to break 390p for the second time and BREAKOUT will be on, at the momet there is a seller on the order book @ 390p addid 5K every time is taken as "AT"

Breaking up now on good support on the order book 27 v 19

spread 391 v 392p

moneyam is behind on showing prices

not in the tread though close to 2 weeks old .........

Telford Homes takes over £80m Poplar development - published 26 Nov 2015

Telford Homes plans to start construction of a 22-storey block of flats in east London next year.

The London focused residential property developer has paid Ballymore more than £20m for the development site on Carmen Street in Poplar E14.

The site has full detailed planning consent for a 22-storey development, consisting of 206 new homes and a nursery. Ballymore, also responsible for Old Spitalfields Market, was granted planning permission by Tower Hamlets Council for the mixed-use plan in 2013.

The development is close to Langdon Park Station. Telford Homes said that it expects to start work on site in 2016 with completions anticipated in 2019 and 2020, generating £80m of revenue.

Chief executive Jon Di-Stefano said: "This acquisition represents the first significant benefit of our recent £50m placing, which provides Telford Homes with additional flexibility to take advantage of competitive market opportunities. We are constantly reviewing potential sites and having access to this capital has allowed us to move quickly to secure the Carmen Street site which has the unexpected advantage of an existing planning consent. Poplar is an area we know well, where there is strong and proven demand for our homes, and we look forward to commencing this exciting development in 2016.”

UP to 400p +4p

Next Thursday the 10th will be EX-dividend day, so just 1 & half day if interested on the 6.50p

TEF - Dividends

The interim dividend declared for the six months ended 30 September 2015 is 6.5 pence per ordinary share and is expected to be paid on 8 January 2016 to those shareholders on the register at the close of business on 11 December 2015. The ex-dividend date is therefore 10 December 2015.

Nice Dividend and 450p on the way .

on the move up today BREAKING 400p

there was an early buying trade of 43K @ 398p

Looked like a sell to me .

don't be silly, such a large amount would not be able to sell it on one go at market price, but a big discount, but buy yes and that was the reason for the rise after.

397.50 v 398.25 when the price was stablished just above middle price, but reported a few seconds later, when the share price was move up by the MM doing the deal, and that is why you think is otherwise.

There was a delayed earlier, much at the same price

09:58:05
397.955p
10,000K

note : Market Maker size are very small compare to the size mentioned
3MMs at 1.5K
2MMs at 3K
2 MMs at 5K

Close position on T+2 @ 404p and 403.15

did not want to pay for the stock and then tomorrow go down by 6.50p

#

From 'thisismoney.co.uk':
High-rise profits are on the cards for housebuilder with £1.5bn land bank
Telford Homes is a London property developer with a difference. Rather than focusing on sites in Central London and the City, it focuses on Inner London areas just outside the prime locations, where costs are lower and demand is immense.
The shares are 391p and should increase materially over the next few years.
Telford builds 600 to 700 homes a year, usually flats, but chief executive Jon Di-Stefano hopes to double that by 2020, taking advantage of a chronic shortage of affordable homes.
Such is Di-Stefano’s confidence that the company raised £50million in October via a 360p-a-share equity placing to help fund future growth.
Di-Stefano, an auditor by training, joined as finance director in 2002 and was promoted to the top in 2011. Over the years, his team has developed relationships across the capital, helping them to penetrate complex planning laws and gain permission to build. The group’s land bank is valued at £1.5billion, most of which has planning consent, and the rest is expected to obtain consent soon.
To mitigate the risks associated with holding large swathes of land, Telford forward sells properties whenever it can, and has done so with homes worth £700million.
Last month, the group revealed a more than doubling of pre-tax profits to £21million for the six months to the end of September and a 27 per cent increase in the interim dividend to 6.5p. Brokers expect full-year profits to rise by 27 per cent to £30.9million with a total dividend of 13.6p.
Midas verdict: Telford’s shares rose to more than 480p last May, after the Conservatives’ General Election victory, but they have fallen back since on concerns about the London property market. The recent placing acted as a further drag and the stock is now excellent value. Older people may be leaving London but younger generations are flooding in and Telford aims to provide the kind of housing that they need. The shares also offer a decent yield. Buy."

That explains why it's bucking the trend today. Got some catching up to do.

Telford Homes Plc
('Telford Homes' or the 'Group')

Private Rented Sector sale for £66.75 million

Telford Homes Plc (AIM: TEF), the residential property developer focused on non-prime London, is pleased to announce that it has exchanged contracts for the sale of The Pavilions, Caledonian Road, N1, to a subsidiary of L&Q, one of the UK's leading housing associations and one of London's largest residential developers.

The transaction is for the sale of all 156 homes within The Pavilions development, 96 of which will form part of L&Q's substantial and growing Private Rented Sector ('PRS') portfolio. Under the terms of the planning permission the remaining 60 homes have been sold to L&Q for affordable housing. The contracted price for the entire development is £66.75 million with regular payments to be made by L&Q throughout the construction period. As a result the development will not require any equity or debt to be invested by Telford Homes. Construction is already underway and is expected to be complete by the middle of 2018.

The contract with L&Q marks the Group's first significant development sale in the PRS sector. There is increasing institutional demand for high quality, well located developments to be 'built for rent' and the Group has been very encouraged by the overall response to the marketing of The Pavilions. Telford Homes is already exploring a second development for sale in the sector and the Board expects that similar de-risked PRS sales to blue chip organisations will form an important part of the Group's balanced sales mix going forward.

Jon Di-Stefano, Chief Executive of Telford Homes, commented: "We are delighted to have concluded our first PRS deal with a well-established PRS provider, who are already a valued partner to the Group. The strong level of interest shown in The Pavilions by PRS investors confirms the potential of the PRS market anticipated at the time of our equity placing in November 2015. Telford Homes continues to benefit from an imbalance between demand and supply of homes in non-prime London and this transaction marks the start of a new aspect to the Group's sales mix achieving de-risked forward sales with exceptional capital returns

this has been a disappointing performer, but i shall definitely persevere as i think there is much of merit underlying

Nothing wrong with the company just the share price , patience i suppose .