Build-to-rent firm posts record £34m profits with more on horizon

HOUSEBUILDER Telford Homes has delivered record annual profits as it shrugged off the impact of Brexit uncertainty and tax hikes.

The group posted a 5.9 per cent rise in pre-tax profits to £34.1 million for the year to March 31 after sales jumped 19 per cent to an all-time high of £291.9m.

It said its strategy of focusing on the “build-to-rent” sector had paid off, with robust demand from institutional investors helping offset a slower buy-to-let market since the Brexit vote and stamp duty changes.

Telford said profits were set to surge to £40m in the year to next March and £50m the next year, with the majority of gross profit already secured for the next two years.

Chief executive

Jon Di-Stefano said: “Despite uncertainty in relation to the outcome of the EU referendum and tax changes impacting primarily on UK-based individual investors, our underlying market has remained resilient.

“Any potential dampening effect of these factors has been outweighed by the structural imbalance between supply and need for new homes in London.”