Housebuilder reports pre-tax profit up 40% and revenue up 11% over first half of the year
Taylor Wimpey has reported a 40% spike in profit over the first half of the year, with the housebuilder hailing a sustained upturn in the market.
In its results for the six months to 30 June 2013, Taylor Wimpey reported revenue of 拢1,007m, up 11% on 拢906m for the same period in 2012.
The firm posted pre-tax profit, before exception items, of 拢109m, up 42% from 拢77m the previous year.
Operating profit rose 34% to 拢132m.
The firm said it had achieved an operating margin of 13.5%, up from 11.2% the previous year.
Completions over the period stood at 5,191, compared to 5,083 in the first half of 2012, with the average selling price rising to 拢188,000 from 拢176,000.
The firm said its order book currently stood at 7,378 homes (as at 28 July 2013) and is valued at 拢1.3bn.
The housebuilder said the market has been 鈥渟table since 2009 and is now showing sustainable improvement鈥�.
The firm said: 鈥淲e are operating in a much improved and healthier housing market, showing sustainable improvement, supported by the general economic improvement, better mortgage availability and the direct impact of government schemes.鈥�
Pete Redfern, Taylor Wimpey chief executive, said: 鈥淒uring the first half of 2013, there has been meaningful improvement in the housing market, with more positive consumer sentiment, a more available and affordable mortgage market, and the presence of government mortgage schemes, all adding to a favourable outlook.
鈥淥ur business is ideally positioned to perform well in this environment with a strong land position and a very effective housebuilding operation. We continue to open all new outlets with implementable planning permission.鈥�
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