London-focused housebuilder Telford Homes is celebrating record annual revenues and soaring profit on the back of continued demand in the capital.
Telford said pre-tax profit was up 35% to £46 million in the year to March 31, while revenue rose from £291.9 million to £316.2 million.
The group added that it is well placed to top £50 million in pre-tax profit next year, which would represent a 100% increase over four years.
Telford described the London market as “robust” with strong demand from build-to-rent investors, individual purchasers, owner-occupiers and housing associations.
The housebuilder also attributed its success to the under-supplied housing market in London, and its decision to sell homes at relatively affordable price points.
The developer, which has a pipeline of more than 4,000 units, has been shifting its focus to the rental sector, arguing there is significant support for build-to-rent developments from politicians and investors.
Telford added it is seeing growing investment from China due to the “continued international attraction of London, despite Brexit”.
Boss Jon Di-Stefano said: “Telford Homes continues to perform well and I am delighted to report such a strong set of results which again have produced record levels of revenue and profit.
“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.
“Our substantial development pipeline and increasing expertise in the burgeoning build-to-rent sector provide us with confidence for the future.”