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Telford Homes says it will take advantage of a 鈥渃hronic鈥� need for new homes in London, saying it is on track to deliver 2018 pre-tax profits in excess of 拢40m and 拢50m in the following year.

In May, the housebuilder announced annual profits for 2016/17 of 拢34.1m, on turnover of 拢292m.

The firm plans to tell shareholders at its AGM today that in spite of the political uncertainty caused by the recent general election there remains a lack of supply of new homes relative to need in non-prime areas of the capital.

This imbalance, coupled with its growing focus on build to rent, would underpin the company鈥檚 growth in the longer term, it will say.

Last month, Telford to deliver 894 build-to-rent homes at Nine Elms in Battersea.

In April, the group exchanged contracts for the purchase of Stone Studios, a residential-led mixed-use development site in east London, a 110-home project worth 拢80m.

And last year Telford said its development pipeline had soared , bolstered by the takeover of United House鈥檚 regeneration business in 2015.

Jon Di-Stefano, Telford鈥檚 chief executive, will tell shareholders today: 鈥淥ur confidence in delivering continued growth remains unchanged, supported by the chronic need for new homes in London.

鈥淏uild-to-rent, in which the group has already secured over 拢230m of combined contract value representing nearly 500 homes, remains a strategic focus, and we expect to undertake further transactions in the sector.鈥� 

He added that developments were being delivered on programme but the timing of completion was not evenly spread across the current financial year.

鈥淲e expect less than a quarter of the forecast open market handovers for the year to occur in the first six months and as a result full year profits will be significantly weighted towards the second half,鈥� he added.