British house builder Telford Homes Plc (TELF.L) swung to a first-half pretax profit as it sold more new homes, reinstated its dividend and said it expected full-year results to be in line with the market view.
Telford, which specialises in regeneration projects and affordable homes in East London, said it had seen a positive shift in sentiment in the market.
However, the company said it expected reduced output of completed homes over the next two financial years as it did not buy new land and restricted expenses on work in progress over the past 18 months.
An ongoing shortage of new homes, related demand for rental properties and regeneration led by the 2012 Olympics all support the board's long term confidence in East London, Chief Executive Andrew Wiseman said in a statement.
For the six months ended Sept. 30, Telford reported a pretax profit of 5.7 million pounds ($9.54 million), compared with a pretax loss of 1.1 million pounds a year earlier.
Revenue surged 141 percent to 85.9 million pounds.
The company, which did not pay a dividend for the year ended March 31, declared an interim dividend of 0.75 pence per share. ($1=.6017 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) ((firstname.lastname@example.org; +91 80 4135 5800; Reuters Messaging: email@example.com))