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Annual Report 2017 Annual Report 2017 Report Annual 01 Overview TELFORD HOMES PLC Telford Homes Plc Telford House Queensgate DEVELOPING Britannia Road Waltham Cross Hertfordshire EN8 7TF IN LONDON Tel: 01992 809 800 www.telfordhomes.london DELIVERING SUSTAINABLE GROWTH ANNUAL REPORT 2017 ANNUAL REPORT 2017 01 OVERVIEW OVERVIEW ‘ OUR CONFIDENCE IN HIGHLIGHTS OF THE YEAR Highlights of the year 01 At a glance 02 DELIVERING FURTHER REVENUE GROSS MARGIN* Investment case 02 STRATEGIC REPORT GROWTH REMAINS £291.9m 22.3% Chairman's statement 06 2016: £245.6m 2016: 26.5% Market overview 08 Business model 10 STRATEGIC REPORT STRATEGIC UNCHANGED, SUPPORTED £291.9m Ambition and strategy 12 £245.6m OPERATING MARGIN* Chief Executive's review 14 £173.5m Financial review 22 £142.4m BY THE CHRONIC NEED £140.8m 13.4% Principal risks and uncertainties 30 Our people 34 2016: 15.0% FOR HOMES IN LONDON.’ 13 14 15 16 17 Health and Safety 36 Sustainability 38 PROFIT BEFORE TAX EPS Jon Di-Stefano GOVERNANCE Chief Executive Board of directors 48 £34.1m 36.8p Governance 50 2016: £32.2m 2016: 39.3p Directors' remuneration report 52 Report of the directors 60 GOVERNANCE Statement of directors' responsibilities 63 £34.1m £32.2m GEARING £25.1m KEY MANAGEMENT INFORMATION £19.2m Group income statement 66 £9.0m 7.0 % Group balance sheet 67 2016: 9.3% 13 14 15 16 17 FINANCIAL STATEMENTS Group income statement 70 DIVIDEND PER SHARE DEVELOPMENT PIPELINE Group statement of 70 comprehensive income Balance sheet 71 15.7p £1.5bn INFORMATION KEY MANAGEMENT Statement of changes in equity 72 2016: 14.2p 15.7p 2016: £1.6bn 14.2p Cash flow statement 73 Statement of accounting policies 74 11.1p FORWARD SALES Notes to the financial statements 78 8.8p Significant undertakings 101 Independent auditors' report 102 4.8p £546m 2016: £579m Advisors 104 13 14 15 16 17 * Before all interest charges including those expensed within cost of sales of £1.9 million (2016: £1.9 million) and £nil (2016: £0.4 million) of non-recurring costs in relation to the United House acquisition. FINANCIAL STATEMENTS FINANCIAL Discover more online at: www.telfordhomes.london 02 03 OVERVIEW Where we operate Our area of The business has traditionally focused We develop in non-prime locations to operation on East London, but the need for new maintain an affordable price point for our AT A GLANCE homes is so great that we have recently individual customers and our strategic move expanded our horizons across a wider area. into build to rent provides scope to work Telford Homes is skilled in all aspects of with investment partners across London. AN OVERVIEW OF TELFORD HOMES London development and we can apply our knowledge and expertise to a wider range of opportunities in new boroughs. STRATEGIC REPORT STRATEGIC ENFIELD BARNET HARROW HARINGEY REDBRIDGE WALTHAM HACKNEY FOREST HAVERING SQUARE BRENT HACKNEY CAMDEN ISLINGTON BARKING & DAGENHAM E9 NEWHAM GOVERNANCE TOWER HILLINGDON Housing Design EALING CITY HAMLETS Award winner 2016 WESTMINSTER SOUTHWARK H&F K&C GREENWICH DEVELOPMENT HOUNSLOW PIPELINE LAMBETH BEXLEY What we do WANDSWORTH RICHMOND LEWISHAM Telford Homes Plc is an AIM listed developer Founded in 2000, we now directly employ £1.5bn UPON THAMES of residential-led, mixed use sites in London, 248 people and have a development pipeline where the need for homes far exceeds supply. of over 4,000 homes. MERTON NET ASSETS Our customers include individual investors We are a respected partner to landowners, KINGSTON INFORMATION KEY MANAGEMENT from the UK and overseas, owner-occupiers housing associations, local authorities, build to UPON THAMES and housing associations. Increasingly we are rent investors and our supply chain. £204m BROMLEY working with institutional investors in the build SUTTON to rent sector, a growing market in London. We are investing in the communities we create CROYDON via our new sustainability strategy and we look after our people, who are the real heart KEY of our business. Traditional area of operation Expanded area of operation FINANCIAL STATEMENTS FINANCIAL INVESTMENT CASE PROVEN MARKET STRONG KNOWLEDGE SUBSTANTIAL DE-RISKED QUALITY GROWING STRATEGY OPPORTUNITY PARTNERSHIPS & EXPERIENCE PIPELINE SALES & SERVICE BUSINESS Focus on non-prime Chronic shortage of homes A respected partner to our A motivated team with Development pipeline Forward sales secured of Delivering quality homes Driving significant pre-tax locations across London and in London and increasing stakeholders, encouraging extensive experience of of over 4,000 homes £546 million giving visibility to a diverse customer mix profit growth and paying forward selling to de-risk. build to rent investor new opportunities to work planning and complex representing £1.5 billion of over future cash flows with a 99% recommendation an increasing dividend to demand. together. construction in London. future revenue. and profits. rate in 2016. shareholders. P.12 Read more about P.08 Read more about P.10 Read more about our P.48 Read about our P.14 Read more in the P. 22 Read more in the P.14 Read more in the P.0 6 Read more in the our strategy our market business model Board of directors Chief Executive's review Financial review Chief Executive's review Chairman's statement 04 05 OVERVIEW STRATEGIC REPORT STRATEGIC REPORT CHAIRMAN’S STATEMENT 06 MARKET OVERVIEW 08 BUSINESS MODEL 10 AMBITION AND STRATEGY 12 CHIEF EXECUTIVE’S REVIEW 14 GOVERNANCE FINANCIAL REVIEW 22 PRINCIPAL RISKS & UNCERTAINTIES 30 OUR PEOPLE 34 HEALTH AND SAFETY 36 SUSTAINABILITY 38 KEY MANAGEMENT INFORMATION KEY MANAGEMENT VIBE E8 Completed residential development of 101 apartments in Dalston Incorporating a new two-form entry primary school FINANCIAL STATEMENTS FINANCIAL Shortlisted for Housing Design Award 2017 06 07 OVERVIEW CHAIRMAN'S STATEMENT 'I am delighted to be able to look back on another excellent year, and, on behalf of the Board, I wish DEVELOPING IN LONDON: to thank all of our employees for their hard work A STRONG PERFORMANCE in delivering these results.' In a year that has seen strong operational growth, our Outlook 'We are well positioned to continue the growth of Telford admirable health and safety record merits mention. REPORT STRATEGIC I am delighted to be able to look back on another Health and safety is the first item on the agenda at Homes thanks to the strength of our performance in the excellent year, and, on behalf of the Board, I wish monthly Board meetings and our performance is to thank all our employees for their hard work in undersupplied non-prime London housing market and testament to the sound policies and procedures delivering these results. I am excited by the strength in place, as well as the deep-rooted sense of our increasing activity in the build to rent sector.' of our development pipeline and the promising responsibility that pervades the organisation. opportunities that lie ahead for Telford Homes to Another core principle in our approach is the play an increasing role in meeting the need for new Performance will facilitate accelerated growth for Telford Homes, emphasis placed upon sustainability. Although homes in London. although the Board remains mindful of ensuring Notwithstanding some uncertainty created by this has been a consideration in the Group’s way of the business grows in a controlled manner in order the outcome of the EU referendum, we have operating for some years, following the appointment that our high standards of operational performance experienced robust demand for our homes from in 2016 of a Head of Sustainability, the philosophy are upheld. Andrew Wiseman individual investors and owner-occupiers. Our ability has been formalised into our ‘Building a Living to deliver forward sold homes to our customers Chairman GOVERNANCE Dividend Legacy’ strategy. A number of core targets have on programme, together with a step change in our been established within this strategy and we are 30 May 2017 presence in the build to rent sector, saw Telford The Board is pleased to declare a final dividend committed to achieving these in the coming years. Homes achieving excellent results for the year to of 8.5 pence per share, making a total of 15.7 31 March 2017. I am particularly pleased that we pence per share for the year, an increase of just achieved a 99 per cent customer recommendation over 10 per cent compared with the previous rate in 2016, a notable endorsement of our year (2016: 14.2 pence). Our policy is to pay one commitment to quality and service. third of earnings as dividends in each financial year. For the year to 31 March 2017 however, Since February 2016 we have exchanged contracts the Board has fulfilled its promise to increase the on four significant build to rent transactions with dividend payment above that level in order to offset a range of investors, indicative of our growing the dilution in earnings resulting from the equity reputation in the sector as a trusted delivery partner. placing in late 2015. Therefore, the interim dividend KEY MANAGEMENT INFORMATION KEY MANAGEMENT Along with monitoring external influences on the together with the full year dividend equates to Group, the development of our build to rent strategy over 40 per cent of earnings for this financial year. has been one of the principal areas of focus for The final dividend will be paid on 14 July 2017 to the Board this year. This sector complements our those shareholders on the register at the close of historic focus on individual sales to investors and business on 16 June 2017. The ex-dividend date is owner-occupiers and is well aligned with our forward therefore 15 June 2017. selling philosophy. The attractive return on capital and lower risk profile associated with build to rent Culture and values I have always been proud of the single team culture and strong values of Telford Homes.
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