Taylor Wimpey enjoys 170% rise in profits

Grant Prior 12 years ago
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Taylor Wimpey has enjoyed a 170% surge in pre-tax profits to £78m for the half year to July 1 2012 as operating margins rose to 11.1% from 8.2% during the period.

Revenue was up to £906.2m from £817.8m last time as Taylor Wimpey continued the recent trend of sparkling results from house builders.

The company completed 5,083 homes in the UK during the six months with an average selling price of £176,000 and a “contribution per legal completion” of £33,600.

The only blip in the results was a slight rise in accident rates on sites which is being blamed on a rise in slips and trips due to the bad weather.

Taylor Wimpey said: “We have undertaken a detailed examination of the underlying causes and have identified an increase in the number of incidents involving slips and trips on site due to the wet weather conditions during the period.”

The company continues to grow its land bank and has picked-up 6,890 plots on a total of 53 sites during the first half of the year.

Pete Redfern, Chief Executive, said: “We’ve seen improvements across the business driven by our continued focus on prioritising margin growth and return on capital.

“Although wider economic conditions remain uncertain, we have been reassured by the continued stability in trading conditions and the strength of our order book.

“Looking ahead, we expect to deliver further improvements in performance across all key metrics.”

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