Developer Telford Homes announced a jump in profits today for the first half of the year as its strategy of building homes in London paid off.
Total revenue in the first half of 2019 increased 31 per cent to £129.6m, while profit before tax rose 16.1 per cent to £10.1m.
The company increased its interim dividend 6.3 per cent to 8.5p.
It said it remains “confident in long-term strategy of delivering an increased number of much needed homes in non-prime locations of the chronically undersupplied London market.”
The company said it had made a shift towards building homes to rent over the last three years which it said was a “well timed” move as this sector is expected to see significant growth,
It said it is at the forefront of build to rent in London delivering over 1,750 homes in the sector.
Chief executive Jon Di-Stefano said: “Telford Homes made pleasing progress during the first half of the financial year, despite an increasingly uncertain economic and political backdrop."
He added: “We are committed to our strategy which is built upon a fundamental undersupply of homes in non-prime locations in London and our belief that short-term market sentiment does not alter the long-term structural imbalance between housing supply and housing need.”