Taylor Wimpey optimistic

05 August 2009

Taylor Wimpey reported first half sales of UK£ 1,1 billion (€ 1,3 billion), down -27% on the UK£ 1,5 billion (€ 1,8 billion) recorded for the same period last year.

The Group recorded an operating profit for the first half of UK£ 1 million (€ 1,1 million) prior to a -UK£ 580 million (-€ 685 million) write-down on land values and work in progress, which resulted in a pre-tax loss of UK£ 672 million (€ 794 million).

Following a pre-tax loss of UK£ 1,5 billion (€ 1,8 billion) for the first half of 2008, this year's results pointed to "better than expected market conditions," said Pete Redfern, group chief executive.

"Recent trading has been encouraging, providing evidence of significant underlying demand," he said. "The external risks from the overall economy remain, but appear to have reduced somewhat."

In the US market, Taylor Morrison reported the last three months had seen the most stable trading for three years, with signs emerging that markets will soon "bounce back."

Mr Redfern said, "We expect to see selling prices slowly recover, but they will be constrained by affordability. Conversely, we expect volume recovery to be more constrained by supply rather than demand beyond the short term."

Latest News
CSCEC-built spiral tunnel officially recognised as world’s longest
A spiral tunnel in China, built by Chinese construction giant China State Construction (CSCEC), has been recognised as the world’s longest
Consortium wins €302m deal to build Swiss railway plant
A consortium led by Swiss construction company CSC Costruzioni has won a contract worth €302 million (US$327 million) to build a new railway plant in Switzerland
Epiroc to acquire French attachments manufacturer
Swedish OEM continues massive attachments expansion following Stanley acquisition