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.

Up 8.6% - the spread is a bit of a killer though!

Selected yesterday on the UPS thread .........

TEF 100p ( 98 -102p )
Reason: Are excellent value with an experienced management team and strong balance sheet. At a discount of 25% NAV, results next Wednesday, last update "Full year figures expected to be materially ahead of market expectations" Expectations are for EPS 13.40p (already 10.6p at 1H) a PE of 7.6 but that will be well beaten.

Intraday Chart

3 month candlestick with volume

2 days - 15 min

3 month

TEF 104 / 108p +6p

doing nicely ahead of results on Wednesday

Recovering from the earlier mark down ( a few sales ) but since since after 11am is all buyers and many more than earlier sells but MMs are holding the price down due to the FTSE being 145 points lower.

Tomorrow is RESULTS

link to "plus market "

Trades at "plus market "

Preliminary Results.

Financial Highlights

Revenue increased to 159.3 million (2009: 106.7 million)

Profit before tax and exceptional items increased to 8.1 million (2009: 7.3 million)

Net assets increased to 63.1 million (2009: 50.3 million)

Net debt reduced to 37.2 million (2009: 107.2 million)

Final dividend of 1.25 pence which, together with the 0.75 pence interim dividend, makes a total dividend for the year of 2.0 pence (2009: Nil)

Exceptional costs remained unchanged from interim results at 780,000 (2009: 3.0 million)

Trading Update.

Highlights

● Strong sales achieved in the first six months of the financial year with a 30 per cent increase in the number of contracts exchanged

● Demand from both overseas and UK buyers
● Full year results to 31 March 2012 anticipated to be in line with market expectations with a significant increase expected in the year to 31 March 2013

● Healthy balance sheet with cash and bank funding in place to make further land acquisitions and add to the development pipeline

Preliminary Results.


Highlights

· Contracts exchanged for the sale of 460 open market properties, an increase of 25 per cent (2011: 368)

· Number of open market properties completed ahead of expectations at 314 (2011: 281)

· Increase in gross profit margin to 17.6 per cent (2011: 15.1 per cent) and operating margin to 6.2 per cent (2011: 5.2 per cent) with further improvements anticipated

· Profit before tax and exceptional items ahead of market expectations at £3.0 million (2011: £2.5 million)

· Substantial increase in profit expected for the year to 31 March 2013 with over 65 per cent of open market homes expected to complete already pre-sold

· Reaffirmed intention to pay a progressive dividend year-on-year and as such final dividend proposed of 1.5 pence making a total of 3.0 pence for the year (2011: 2.5 pence)

· Over 50 per cent of open market completions in the year to 31 March 2012 were sold to UK buyers, predominantly owner-occupiers

· Complemented by continuing overseas investor demand attracted by high rental yields and the fundamental strengths of the London market

· Agreed to purchase nearly £50 million of land since 1 April 2011 with a focus on locations where demand is stronger and less reliant on mortgage constrained buyers

Trading Update

Highlights

● Strong sales achieved, exchanging contracts on 218 open market properties in the six months to 30 September 2012

● London property market remains buoyant in our area of operation with demand from both overseas and UK buyers

● Significant increase in profits expected for the period with a total of 252 legal completions achieved (H1 2011: 125) and considerably improved margins

● Profit before tax for the year to 31 March 2013 anticipated to be in line with market expectations and heavily weighted to the first half of the financial year

● The Group already anticipates profits ahead of market expectations for the year to 31 March 2014 due to pre-sales secured at higher than expected margins

● Extended debt facility of £90 million provides sufficient headroom to develop all existing schemes and acquire new sites

Joined Dill and skinny here. Results tommorrow.

IC week ahead comment......

TEF TELFORD HOMES

Following an upbeat trading statement last month from east London housbuilder Telford Homes (TEF), investors will already have a good idea about what to expect from its half-year figures on 28 November. Progress is likely to be robust with legal completions having more than doubled to 252 and with profit margins up. Indeed, at the time of the update, management was expecting to meet pre-tax profit consensus estimates of £8m for the year to end-March 2013, giving EPS of 11.8p, up from £3m a year earlier, while pre-sales secured at higher than expected margins will push 2014's pre-tax profit beyond consensus estimates of £12m, with EPS of 17.9p. Demand from overseas investors remains high, too, both from owner-occupiers and investors attracted by the high rental yield. The group is already 85 per cent sold for the current year and 50 per cent for the year to end-March 2014.

TEF TELFORD HOMES

The companys concensous EPS forecast figure
for the full year P/E for 2013
is a meagre 14.6 and 9.6 2014,compared to the
historical figure of 37.8 for 2012.(actual)

Id say theirs plenty of upside to come from
this stock, plenty and plenty of upside especially
given the SOLD figures booked already.

Telford Homes PLC

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £4.93m £m £m
EBIT £4.74m £m £m
Dividend Yield 1.59% 2.31% 3.47%
Dividend Cover 1.66x 2.95x 2.98x
PER 37.82x 14.66x 9.66x
PEG 1.31f 0.09f 0.19f
Net Asset Value PS 125.44p p p


Hemscott Premium.

TEF TELFORD HOMES

Just about breaking out into a
52 week high.

Fingers crossed tomorrow this will
be confirmed on results day.

TEF TELFORD HOMES

Just about breaking out into a
52 week high.

Fingers crossed tomorrow this will
be confirmed on results day.

Hoping for a biggy here today and why not. Historical P/E 38 plus forward P/e just 14 and 9 plus, derd cheap and main seas0n for housing market coming up now.

Superb Results better than
expectations which were already very high.

Telford Homes PLC
Interim Results
RNS Number : 1421S
Telford Homes PLC
28 November 2012



Press Release 28 November 2012





Telford Homes Plc



('Telford Homes' or the 'Group')



Interim results for the six months ended 30 September 2012



Telford Homes Plc (AIM:TEF), the London focused residential property developer, today announces its interim results for the six months ended 30 September 2012.



Highlights

·
Revenue increased significantly to £78.3 million (H1 2011: £58.6 million), including 252 open market completions (H1 2011: 125)

·
Considerable improvement in margins with gross margin before interest of 23.8% and operating margin before interest of 11.4% (year ended 31 March 2012: 17.6% and 6.2% respectively)

·
Profit before tax more than quadrupled to £6.5 million (H1 2011: £1.5 million)

·
The Group has sold over 90% of the target open market completions for the year to 31 March 2013 and over 60% for the following year

·
Strong demand from both owner-occupiers and investors in the inner London locations that are now the core of the Group's land buying strategy

·
Reduction in net debt to £31.7 million (31 March 2012: £54.6 million) and gearing to 45.7% (31 March 2012: 82.4%) with both expected to increase again over the next 12 months as sites are acquired and developed

·
Corporate loan facility increased to £90 million during the period

·
The Board is confident that profits for the year to 31 March 2013 will be in line with market expectations and anticipates significant growth in the following year




Jon Di-Stefano, Chief Executive of Telford Homes, commented: "I am very pleased to be able to report a quadrupling of profits in the first half of the year and a five percentage point increase in our operating margin. We are achieving a strong rate of sales to both investors and owner-occupiers with the Group now over 90 per cent sold for this financial year and already over 60 per cent sold for the following year. Our development pipeline represents five years of gross profit based on the current year and, with the London market remaining buoyant, the Board expects Telford Homes to continue to grow over the coming years."



- Ends -

http://www.investegate.co.uk/telford-homes-plc-(tef)/rns/interim-results/201211280700081421S/

Jon Di-Stefano, Chief Executive of Telford Homes, commented: "I am very pleased to be able to report a quadrupling of profits in the first half of the year and a five percentage point increase in our operating margin. We are achieving a strong rate of sales to both investors and owner-occupiers with the Group now over 90 per cent sold for this financial year and already over 60 per cent sold for the following year. Our development pipeline represents five years of gross profit based on the current year and, with the London market remaining buoyant, the Board expects Telford Homes to continue to grow over the coming years."

Dividend

The Board is pleased to declare an increase in the interim dividend to 2.0 pence per share (H1 2011: 1.5 pence). The interim dividend, together with the full year dividend payable in July 2013, is expected to be consistent with the Board's stated intention of paying around a third of earnings in dividends each year.

Outlook

London has a strong international reputation and is widely regarded as a safe haven for investment of all kinds. The housing market in London has remained buoyant and the Group's area of operation fits with some of the locations that are in most demand. In addition, a persistent shortage of supply of new homes underpins this demand from both tenants and owner-occupiers.



Along with being over 90 per cent sold against expectations for the year to 31 March 2013 the Group has exchanged contracts for the sale of more than 450 open market properties that will complete in the following three financial years. Profit before tax in the first six months of the year has increased more than fourfold and the operating margin has improved by over five percentage points against the last full year results. The Board is confident that profits for the year to 31 March 2013 will be in line with market expectations and anticipates significant growth beyond this given sales already secured and the Group's substantial development pipeline.





Jon Di-Stefano

Chief Executive

Up 3% plus at the open.