Telford Homes has reported a 35% rise in profits in its final results for the year ended 31 March 2018.

The London-focused residential property developer saw profit before tax exceed market expectations by climbing to £46 million (2017; £34.1m) and is well placed to exceed £50m of total pre-tax profit for the year to 31 March 2019. Total revenue was also increased to £316.2m (2017; £291.9m).

With a development pipeline of over 4,000 homes and several new new acquisitions being actively pursued, Chief Executive Jon Di-Stefano said the business "continues to perform well" with record levels of revenue and profit.

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"As we increase the scale of the business, our growth is underpinned by the under supply of new homes in London and robust demand at more affordable price points, particularly for rental housing," he said.

"Our substantial development pipeline and increasing expertise in the burgeoning build to rent sector provide us with confidence for the future. I believe our increased focus on build to rent will drive the next phase of our growth and allow us to consistently deliver total pre-tax profits in excess of £50 million.

"The strength of our position and our ability to capitalise on the exciting possibilities ahead are a result of the hard work and dedication of the whole Telford Homes team. I am exceptionally proud of the customer recommendation and employee satisfaction scores we achieved last year and I am confident there is a relationship between them. I look forward to us building on the solid foundation we have created for Telford Homes both in the year ahead and beyond."

(LM/MH)