Telford Homes has posted a 35% fall in pre-tax profit and scrapped its dividend but has given a bullish assessment of future prospects

Telford, which specialises in affordable homes in east London, said profit for the year ending 31 March came in at £4.3m, down from £6.5m a year earlier.

It blamed the result on a £2.9m writedown in its landbank.

Andrew Wiseman, Telford’s chief executive, said: “We’re a profitable housebuilder, even with the writedown. Long term, we’re in an excellent position.”

Last month, Telford received a £57m grant from the Homes and Communities Agency to fund the construction of affordable homes.

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