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.

StockMarketWire.com
Telford Homes said despite the non-binding outcome of the referendum it firmly believes in the longer-term merits of building homes in London.

"There remains a chronic shortage of supply and that will not change as a result of (the UK) leaving the EU," the company said.

"The Board also believes that London will not lose its attraction both as an international centre of finance or as a place where people want to live and work."

Telford Homes has a strong development pipeline and is in a robust financial position with cash resources available for future investment.

"As a result, the group will be able to take advantage of any opportunities created by current conditions balancing short term caution with continuing to plan for the longer term growth of the business."

In recent months Telford Homes has continued to build a substantial forward sold position, including £130 million from two Private Rented Sector (PRS) contracts, and successfully raised £50 million of new equity.

As a result the Group could not be in a stronger financial position to manage the impact of market uncertainty following the outcome of the EU referendum.

Total forward sales now exceed £640 million and, as reported on 1 June 2016 in the Final Results, the Group has already secured over 50 per cent of the cumulative revenue expected in the three financial years up to 31 March 2019.

This forward sold position has been boosted by the PRS sales of The Pavilions, N1, sold to a subsidiary of L&Q in February 2016 and Carmen Street, E14, sold to M&G Real Estate in May 2016.

As a result of these sales the £50 million placing funds raised in 2015 are largely uncommitted and in addition the Group has significant headroom in its secured £180 million revolving credit facility extending into 2019.

Non-binding outcome - entering the field of politics are we now Telford

The rest of the world's accepted the outcome - which includes that EU muppet Junker as well - get over it

technically they are correct, but practice (reality) is otherwise

There was no need to use the words 'non-binding'

Clearly it's a case of getting their excuses in early should results disappoint - cue 'it was because of Brexit'

Recent results were excellent with an increased divi .

Do not forget market is always looking ahead and 6 month better than 3........

MAIN NEWS OF THE DAY
House prices fell by 0.9% in June following Brexit, which was a bigger decline than expected.
--------------

% rise compare - BDEV, CRST, RDW, TW.

--------------------------------- 1 month -------------------------------------------------------- 3 month ------------------------------

We are due a house market wobble i have been saying this for a year ,prices are mad .

Central London house prices show biggest fall in 7 years after Brexit
Wed, 3rd Aug 2016 11:50

LONDON, Aug 3 (Reuters) - House prices in London's most expensive areas recorded their biggest fall in nearly seven years in July after the Brexit vote reinforced a downward trend caused by a rise in property taxes, a consultancy said on Wednesday.

Knight Frank's prime central London index fell 1.5 percent last month from a year earlier, due to the uncertainty created by the June 23 referendum and a rise in property taxes which pushed up prices and brought sales forward to the start of 2016.

"Since the vote, a number of buyers have requested discounts due to the climate of political and economic uncertainty," Head of London Residential Research Tom Bill said.

"The decision to leave the European Union has provided a backdrop of short-term uncertainty that is affecting behaviour in the prime central London property market," he said.

Prime central London stretches from Notting Hill and Knightsbridge, home to department store Harrods, in the west to the City of London and Islington towards the north and east.

In Knightsbridge, prices fell 7.3 percent last month, the biggest drop of any of the 15 areas examined whilst the biggest rise was 5.3 percent in the City of London.

Property prices in the capital's most desirable areas began recording annual declines in the run-up to the vote, according to Knight Frank, but July's fall is the biggest since October 2009, when Britain began recovering from the 2007-8 financial crisis.

But Knight Frank said that the primary reason for the decline remained changes to stamp duty, a property tax, which raised the amount paid on the most expensive properties and on second homes and buy-to-let investments, key to the central London market.

Commercial property took the biggest hit in the wake of the EU referendum with investors pulling out money from funds, forcing some to be suspended.

But there have been warnings in recent weeks from housebuilders and estate agents that residential property prices and demand could suffer.

Britain's biggest housebuilder, Barratt Developments , said last month that it might slow the pace of construction to prepare itself for an expected slowdown. London-focussed estate agent Foxtons blamed Brexit for its slump in profits.

Knight Frank said rental values last month fell 3.6 percent in London, a city where many young professionals cannot afford to buy their own homes due to high property prices.

The number of prospective tenants fell 6.8 percent year-on-year in the three months to the end of June, impacted by the vote, it said.

This may not be as bad for Telford as it is in central London ,Telford build cheaper more affordable homes (half million pounds) which is not so much in the high end .

Soon be making the sound of a pound.

With the interest cuts just announced to 0.25%, the ones to benefit most would be stocks with plenty of borrowing.
Is TEF is one of them?

Borrowings
In March 2015 the Group secured a new revolving credit facility for £180 million which was increased from £120 million. This new facility runs until March 2019 and allows the Group to be much more flexible in its approach to site acquisitions. It is governed by standard corporate covenants together with site covenants on a portfolio basis. During the year the Group has benefited from a significantly reduced rate of interest compared to the previous facility as the rate is determined by the Group's gearing which has remained low throughout the year. The margin payable on the facility can vary from 2.8 per cent to 4 per cent dependent on gearing.

During the year the Board took advantage of favourable market conditions on longer term interest rate hedge products and entered into an interest rate swap on a proportion of its future anticipated drawn debt. This has reduced the Group's exposure to interest rate increases and will become effective from 1 October 2016 expiring on 4 March 2019. The swap initially secures the interest rate the Group will pay on £50 million of debt increasing to £100 million from 4 June 2017 as the Group's debt utilisation is expected to increase over this period.

As at 31 March 2016 the Group had utilised £40 million of the facility (31 March 2015: £95 million) leaving £140 million of headroom for investment in the existing and future development pipeline. Gearing has reduced to 9.3 per cent (2015: 43.9 per cent) although this is expected to increase in future years as the Group utilises more of the facility. The headroom in the facility along with the increased equity due to the placing means the Group is in a very strong financial position to enable the significant growth expected over the next few years.

ST of IC today - So, ahead of a pre-close trading update in mid-October, I rate Telford’s shares a buy on a bid-offer spraed of 289p to 289.5p and have a target price of 370p. Buy.

Ouch director selling after last week rise and another 10p today.....

Telford Homes Land Director Sells Shares

LONDON (Alliance News) - Housebuilder Telford Homes PLC on Tuesday said Land Director James Furlong sold 48,917 shares at a price of 320 pence per share on Friday.

He holds about 1.3 million shares, a 48,000 sale is peanuts. Only purchased the 48,000 a month before. Just a quick profit.

Jim Furlong 1,314,342 2.18%



Why-builders are a good-bet post Brexit-Ultra-low-mortgage-rates-help-Britons-looking-buy-home.html

Midday Market report

Housebuilders including Taylor Wimpey and Berkeley were lower after new housing minister Gavin Barwell gave a strong indication of a material shifting in housing policy, hinting that controversial Starter Homes scheme will be scrapped and the government will pursue policies to expand the public sector and private sector rental markets.

Analyst Robin Hardy at Shore Capital, who pointed out that housebuilders instead used the various government stimulus measures to create a golden trading environment with substantial benefits for margins, returns, cash flow and dividends, said the new policy direction "likely to see a change in the dynamics of the house builders' profitability especially if there is any adjustment to the scope and scale of Help-to-Buy".

12 October:
Trading Update

30 November:
Interim Results for 6 months ended 30 September 2016
 
 
2017
 
6 January:
Interim dividend payment date

12 April:
Trading update

31 May:
Final results for 12 months ended 31 March 2017

4 Oct
Canaccord...
290.00
Hold

Trading Update
RNS
RNS Number : 2721M
Telford Homes PLC
12 October 2016
 
 
For Immediate Release
12 October 2016
 
Telford Homes Plc
('Telford Homes' or the 'Group')
 
Trading Update
 
Telford Homes Plc (AIM:TEF), the residential property developer focused on non-prime London, is pleased to provide the following update on trading ahead of its interim results for the six months ended 30 September 2016 ('H1 2017' or the 'period'), which will be released on Wednesday, 30 November 2016.
 
Highlights
·      Long term imbalance between the supply of homes and the demand for somewhere to live in non-prime areas of London underpins future prospects for Telford Homes
·      Strong forward sold position now exceeding £650 million of revenue to be recognised from the year to 31 March 2017 onwards
·      Increasing sales activity in respect of residual availability over the last six weeks
·      Next significant sales launch will be City North, N4 in November 2016 where a £110 million loan facility was recently signed with LaSalle Residential Finance Fund
·      Second PRS sale to M&G Real Estate announced in May 2016 and a third transaction has also recently progressed to detailed discussions with a prospective purchaser
·      Increasing number of land opportunities being appraised with some sites now the subject of more detailed negotiations
·      The Board remains confident in the longer term housing market in non-prime London and has not adjusted the Group's growth targets since the outcome of the EU vote
·      H1 2017 profits in line with expectations and lower than last year due only to the timing of development completions with a substantially higher proportion of profits expected in H2 2017
·      Interim dividend to increase in accordance with anticipated full year profit growth
·      Secured 95 per cent of the open market homes anticipated to complete in the year to 31 March 2017 and 87 per cent of the gross profit expected in the year
·      Expectations for the full year to 31 March 2017 and further into the future remain unchanged and on track to deliver significant growth over the next three years
 
 
 
 
Current trading
Telford Homes continues to hold a positive view of both the current and future housing market in non-prime areas of London due to the significant imbalance between the supply of homes and demand for somewhere to live.  This imbalance underpins the future prospects for the business and as a result the Board has not revised the Group's growth targets following the outcome of the EU vote. There is a housing crisis in London with many more homes needed and the Group expects to play an increasing role in delivering those homes.
 
The Group started the current financial year with a substantial forward sold position that has subsequently been enhanced to exceed £650 million of revenue to be recognised from the year to 31 March 2017 onwards.  As a result the existing development pipeline has been significantly de-risked putting the Group in a strong position. 
 
In terms of the current market environment the Group is pleased to report that it has experienced increased sales activity in respect of residual availability across a number of developments.  Since the start of September greater interest levels and more visitors to the central sales centre have resulted in an increased number of reservations.  Particularly pleasing is that this has included the sale of three of the remaining penthouses at Horizons, E14 where the average price is over £1 million and is therefore well in excess of our usual price point.  The average anticipated price of open market homes in the Group's future pipeline is £517,000.  
 
The Group's next significant launch will be City North in Finsbury Park, a joint development with The Business Design Centre in Islington, which is planned for November 2016.  This development is now underway and the Group recently announced the successful signing of a £110 million loan facility with LaSalle Residential Investment Fund, which will fund this exciting scheme of 355 homes, 140,000 square feet of commercial and leisure space and a new entrance to the underground station.  As with previous developments, the Group expects that the product and location will be attractive to a range of buyers both at the launch and thereafter.
 
PRS (Private Rented Sector) or 'build to rent' remains a significant focus for the Group following the sale of The Pavilions, N1 to a subsidiary of L&Q and Carmen Street, E14 to M&G Real Estate.  Following these two development sales Telford Homes has recently progressed to detailed discussions on a third transaction with a prospective purchaser.  There has been a noticeable increase in institutional interest in PRS investments which complements the Group's desire to extend its involvement in the sector and to benefit from stronger returns on equity and lower gearing as a result. 
 
Telford Homes has a strong and accelerated development pipeline as a result of the purchase of the regeneration business of United House in September 2015.  The Group has resources to add to that pipeline due to the £50 million equity placing in 2015 and has been able to take a selective approach to prospective acquisitions.  An increasing number of opportunities are being appraised with some sites now the subject of more detailed negotiations.   
 
Interim results and outlook
The Group's reported profits in any given period are driven by the number of open market completions achieved and there were far fewer of these in H1 2017 than H1 2016.  This is purely down to development timings which are all on track and in accordance with the original programmes but do not always fall equally across the year.  Completions of individual properties are proceeding exactly as planned with no unexpected delays. 
 
As a result of the weighting of completions across the year pre-tax profit for H1 2017 will be lower than last year but entirely in line with expectations.  The interim dividend is proposed to increase in line with the anticipated full year profit growth and will not be affected by weighting between the two half year periods.  To date Telford Homes has secured 95 per cent of the open market homes anticipated to complete in the year to 31 March 2017 and 87 per cent of the gross profit expected in the year.  The Board's expectations for the full year to 31 March 2017 and further into the future remain unchanged and the Group is on track to deliver significant growth in both output and profits over the next three years.
 
Jon Di-Stefano, Chief Executive of Telford Homes, commented:
"We have seen a robust market place in recent weeks, with encouraging sales activity and increasing interest from institutional investors.  We are very pleased with the progress of our move into delivering schemes for the 'build to rent' sector and I am delighted that we are progressing discussions on a third transaction to add to the sales already achieved to L&Q and M&G Real Estate."
 
"The Group has made strong progress in the last six months and remains positive about the long term prospects for the housing market in non-prime areas of London. The imbalance between the supply of homes and the need for somewhere to live is not diminishing and this underpins our plans to continue to grow Telford Homes over the next few years."
 
 
 
 
- Ends -
 

There is a bounce since yesterday on the housing stocks.
The reason for the weakness on TEF must be some on the know of a slow down on sales on the 1st half.......

...... As a result of the weighting of completions across the year pre-tax profit for H1 2017 will be lower than last year

your selective extraction omitted the very important but entirely in line with expectations.