Telford Homes Plc (Telford Homes) is engaged in property development. As of March 31, 2012, the Company had 2,000 properties in the development pipeline and these properties need to be managed through the planning process, in design and during construction. In order to control this process Telford Homes is organized into two operating divisions: Alto and Metro. During the fiscal year ended March 31, 2012, the Company had completed 542 affordable homes. As of March 31, 2012, the Company had 2,000 properties in the pipeline. Telford Homes�s subsidiaries include Telford Homes (Romford) Limited, Telford Homes (Properties) Limited, Telford Homes Contracting Limited, Telford Homes (Investments) Limited and Telford Homes (Creekside) Limited.