Telford Homes has reported record revenue and profits in its final results for the year.

The property developer recorded £245.6 million in revenue for 2016, a 42% rise from £173.5 million in 2015.

Pre-tax profit for the year exceeded its market expectations and increased by 28% to £32.2m (2015: £25.1m).

In addition, the company's development pipeline is now in excess of £1.5bn of future revenue.

Jon Di-Stefano, chief executive of Telford Homes, said it had been "another exceptional year" for the housing specialist.

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"The Group has been successful in forward selling homes through traditional channels and has added to this by contracting its first significant sales in the Private Rented Sector," he said.

"The 2015 equity placing for £50 million, together with substantial headroom in the Group's £180 million revolving credit facility, means Telford Homes is in a strong position to continue its growth."

He added: "There have been some recent and justifiable concerns over prime residential properties in London but this is a different market to that served by Telford Homes.

"The Group is focused on desirable non-prime locations in London at a price point that continues to see strong demand. There is an ongoing housing crisis and a clear imbalance between the supply of homes and the needs of a growing population.

"Telford Homes is building homes for Londoners in a market where demand continues to significantly outstrip supply, and the Board believes that this undeniable structural factor will underpin the Group's future growth."

(LM)