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.

BRIEF – Telford Homes first – half profit rises 22 pct
26 Nov 2014 - 07:06

LONDON, Nov 26 (Reuters) – Telford Homes Plc

H1 pretax profit 9.4 million stg versus 7.7 million stg year ago
Interim dividend up 38 percent to 5.1 penceper share
Board very confident of meeting market expectations for year to 31 march 2015
Further company coverage: TELF.L

(Reporting By Costas Pitas) ((Costas.Pitas@thomsonreuters.com; +44 207 542 8024; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter)

Telford Homes Profit Up On Margin Boost From Shoreditch Development
LONDON (Alliance News) - Telford Homes PLC on Wednesday said its pretax profit rose in the first ...

Alliance News26 November, 2014 | 9:08AM

LONDON (Alliance News) - Telford Homes PLC on Wednesday said its pretax profit rose in the first half as a fall in costs offset a decline in revenue, and the group's margins were boosted by the Avant-Garde development in east London.
Pretax profit in the six months to the end of September was GBP9.4 million against GBP7.7 million last year. Revenue was lower, down to GBP65.1 million from GBP73.7 million last year, but a decline in costs offset the fall. Cost of sales fell to GBP42.4 million from GBP53.8 million, outpacing the revenue decline.
The improvement in its margin was driven by the Avant-Garde development in Shoreditch, east London, where price growth in the area has pushed the profit margin for the development to more than 40%.
Telford said its results for the year would be weighted to the second half due to the larger number of open market completions due in that period.
The London-focused residential property developer said it has agreed the sale of more than 600 open-market homes since the start of its financial year in April, above the 515 sold in the year to the end of March. Future revenue via open market and affordable forward sales is more than GBP550 million, Telford said. Its development pipeline is now valued at more than GBP1.1 billion.
The group hiked its interim dividend to 5.1 pence from 3.7 pence last year and said it is "very confident" it will meet market expectations for the full year.
"London is a fantastic place to be building homes, and Telford Homes is developing in locations where people want to live and can afford to live," said Telford Chief Executive Jon Di-Stefano.
Shares in the company were up 0.1% to 359.80 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
- See more at: http://www.morningstar.co.uk/uk/news/AN_1416992928883634400/telford-homes-profit-up-on-margin-boost-from-shoreditch-development.aspx#sthash.gEvtIYC0.dpuf

Watch the interim results interview with Telford Homes' Jon Di-Stefano

http://www.brrmedia.co.uk/event/133074/?popup=true

Telford Homes PLC

FORECASTS

2015 2016
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Peel Hunt LLP
21-11-14 BUY 23.45 30.88 10.30 30.30 40.40 13.50
Shore Capital
21-11-14 None 23.00 30.30 10.10 30.00 40.00 13.30

2015 2016
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 23.22 30.58 10.20 30.14 40.19 13.40
1 Month Change 0.00 0.00 0.00 0.00 0.00 0.00
3 Month Change -0.02 -0.03 -0.01 -0.02 -0.02 -0.01

GROWTH
2014 (A) 2015 (E) 2016 (E)
Norm. EPS 86.53% 18.65% 31.44%
DPS 85.71% 56.85% 31.39%

INVESTMENT RATIOS
2014 (A) 2015 (E) 2016 (E)

EBITDA £21.55m £28.66m £36.80m
EBIT £21.16m £m £m
Dividend Yield 1.81% 2.83% 3.72%
Dividend Cover 3.96x 3.00x 3.00x
PER 13.96x 11.76x 8.95x
PEG 0.16f 0.63f 0.28f
Net Asset Value PS 171.92p p p

IC update

Some may worry that the booming London housing market is starting to slow, but Telford Homes (TEF) provides the ideal tonic in its interim figures. The east London builder has the kind of forward earnings visibility other house builders would love to replicate. Most homes due to complete during the years to March 2015 and 2016 have already been sold, with significant numbers reserved for the two years beyond. This translates into a forward order book of more than £550m, from a development pipeline worth more than £1.1bn.
Open market completions fell from 222 to 140 for the half, but this is simply a reflection of the timing of current developments; completions are expected to accelerate in the second half. Operating margins rose from 17.1 to 18 per cent, but it's worth noting that selling expenses - around 4 per cent of the revenue from a typical development - are written off as incurred, well before revenue generated from forward sales is crystallised. In fact, higher sales prices at Avant-garde, the group's joint venture development in east London, pushed margins there above 40 per cent. The target margin when appraising new opportunities remains at 24 per cent.
Analysts at Shore Capital are forecasting full-year pre-tax profits of £23m and EPS of 30.3p (from £19.2m and 25.8p in 2013-14) rising to 40p next year. IC View:
Telford's shares trade on a 2015 PE multiple of 12 times, falling to just 9 times in 2016 - which, given that sales for that year are virtually complete, looks achievable. We tipped Telford over four years ago (101p, 22 Apr 2010), but given the strong earnings visibility we stick by our advice. Buy.

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Cyners, BUY BUY BUY BUY BUY.

just been reading it ..... certainly one to put on the watch though i was amazed how few homes they build

Listen: Analyst interview - Telford Homes

Click here

Telford Homes (AIM: TEF), the London-focused residential property developer, is pleased to announce that the Company has signed a new £180 million corporate loan facility to support its stated growth plans.

This £180 million revolving credit facility, which extends to March 2019, is being provided by the Group's existing banking partners, HSBC, RBS and Santander, together with a new partner, Allied Irish Bank. This enlarged facility replaces the Group's existing £120 million loan facility and provides significantly increased working capital flexibility at a lower cost of debt.

Katie Rogers, Group Financial Director of Telford Homes Plc, said: "The Board is very pleased to announce today that the Group has successfully negotiated a new and improved £180 million corporate loan facility that not only offers increased flexibility on site purchases and development funding but, importantly, allows the Group to facilitate its growth plans over the next few years. This new facility clearly demonstrates our banks' continued confidence in Telford Homes as well as the overall strength of the London property market."

Telford Homes - New £180 million corporate loan facility

click here

I'm just wondering how much upside is left short term, ie leading up to the Election and the volatility in the Indices. Jim Slater tipped it last week and it took off. Not far from it's highs in 2007. Looks way overbought on the indicators and outside the upper Bollinger Band. Watching. Rarely short stocks but never say never.

Trading update 22nd April.

Still in two minds here, resistance 430p. If I turned the chart upside down I would be tempted to buy, so using the same logic today screaming sell? Reluctant to do anything in this market. Still watching :0)

Breakout intraday, let's see if it holds.

Noticed Naked Trader thinks this is a potential doubler given time and patience. No mention of him buying it mind.

StockMarketWire.com
Telford Homes (AIM: TEF), the London-focused residential property developer, has reported that for the year ended 31 March 2015 there has been consistently strong demand with contracts exchanged on 661 open market properties in the year, a significant increase on the prior year (2014: 515).

Operating profit margin expected to be higher than last year (2014: 17.1% before interest) and profit before tax for the year is anticipated to be above current market expectations.

Jon Di-Stefano, chief executive of Telford Homes, commented: "Telford Homes is operating in areas of London that benefit from a stable property market and yet still suffer from a shortage of supply. Demand for the Group's homes has remained very strong and I am pleased to report that the Board anticipates exceeding current market expectations for profits in the year to 31 March 2015.

"Given our substantial forward sold position and a development pipeline of over £1bn, the Group's earnings visibility is exceptionally strong. The Board expects significant growth in output and profits over the next few years and remains very confident in the long term prospects for Telford Homes."

A strong update and a positive outlook from this highly valued company, but the share price stood still!

New research note at http://tinyurl.com/nqqwcpu

Must admit it is tempting, more inclined to buy shares rather than spread bet. Capital Spreads don't cover it and ETX currently have a seven pip spread. 460p looks a possible target.