<p><span>Telford Homes saw its revenue rise and profit fall during its financial year, as it turns its attention to build to rent properties in a challenging market.</span></p> <p><span>During the year to March 31 2019, the London developer’s total revenue rose 12% to £354.3 million against the equivalent period last year, with the proportion from build to rent developments at 31% (2018: 21%).</span></p> <p><span>In line with a previous announcement, total pre-tax profit fell to £40.1 million from 2018’s £46.0 million, thanks to the increased proportion of lower margin build to rent developments within the company’s total revenue.</span></p> <p><span>Telford explained that “a number of factors” had hindered the firm’s ability to achieve its original full year pre-tax profit target of £50 million, including prolonged uncertainty in the London individual sale market. Customer expectations of enhanced discounts and incentives “led to reduced prices on those sales that were secured”. </span></p> <p><span>The company also saw delays to two build contracts which will now exchange in FY 2020 “due primarily to planning issues.”</span></p> <p><span>Telford holds a development pipeline of 4,900 homes, up from last year’s 4,000, with a total expected gross development value of £1.59 billion (2018: £1.31 billion). It said the current pipeline split …