Telford Homes has published its latest trading update recording increased turnover amid a series of losses.
“In May 2022, the Group and company signed the Building Safety Pledge to fund or remediate critical fire safety works on buildings over 11 metres in England […] it has developed over the past 30 years,” wrote the Group.
“The amounts provided reflect the current best estimate of the cost of works required. However, this estimate may be updated as work progresses or as government legislation and regulations evolve.”
Adding: “The goal is to continue to deliver new homes, to help address the chronic shortage in London, focusing particularly on the growing Build to Rent market.”
Revenue for the Waltham Cross-headquartered company for the year ended 31 December 2022 was reported at £296.3 million, compared to £281.7 million in the previous financial period.
Gross profit for the Group fell to £1.5 million from £23 million in FY2021, in part due to building safety costs.
Telford reported an operating loss of £191.2 million, compared to £14.1 million (loss) in the prior year.
The Group also recorded a loss before tax of £192.6 million (FY2021: £14.2 million loss) and after tax of £153.1 million (FY2021: £11.6 million loss).
Group cash position for the year ended 31 December 2022 was £4.3 million, compared to £38.3 million in the previous year.
Net assets and total equity value were reported at £169.7 million (FY2021: £322.8 million).
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