Taylor Wimpey moves to first-half profit

Published:  03 August, 2010

LONDON: Taylor Wimpey kicked off first-half results from British house builders by posting a pre-tax profit before exceptional items of 19.6m, compared with a loss of 68.9m in the same period last year.

After exceptional items, its profit reduced for the six months to 7.5m. The company said trading is satisfactory, but a slide in house prices and of consumer confidence will likely turn up the heat again on builders.

The company said in a statement today: "Although wider economic uncertainty remains, current trading is satisfactory and our forward order books and cautious approach to land valuation provide protection against downside scenarios."

House price growth has stalled in recent months, with a 0.6% drop in June, the third successive monthly fall, according to mortgage lender Halifax.

Taylor Wimpey said in May that it completed 4,650 homes in the first half, against 4,702 homes in the same period last year, at an average selling price of 167,000, up from 153,000.

Shares in Taylor Wimpey closed at 28.52 pence, valuing the company at 847.2m.

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