Housebuilder makes operating profit of 拢43.3m and halves debt
Housebuilder Taylor Wimpey reported a pre-tax loss of 拢640m for 2009, after taking a 拢604m write-down for land values in the first half of last year.
The loss was, however, 65% smaller than that in 2008 and the housebuilder said it was actually able to write-back 拢15.8m in the second half of last year as sales values exceeded assumptions.
The loss was on revenues of 拢2.60bn, down a quarter from the 拢3.47bn recorded last year. It managed to make an operating profit of 拢43.3m, down from 拢96.3m last year. It also managed to halve debt over the period, down from 拢1.53bn in 2008 to 拢750m in 2009.
Chief executive Pete Redfern said the company was seeing slowly improving markets in all of its geographies, but remained cautious about outlook. The firm described the start of the year as 鈥渆ncouraging鈥� with better market conditions from 2009 continuing. It said it had bought 4,000 plots in the last 12 months.
In total it built 10, 186 homes in the UK at an average selling price of 拢160k, down 25% and 6% respectively.
Redfern said: 鈥淭rading conditions for our main businesses stabilised through 2009 and we were pleased to return to operating profit in both the UK and North America in the second half of the year. Whilst we remain cautious, we are continuing to see slowly improving conditions across our main markets. Our active cost reduction, high quality landbank and strong order book position us well to increase profitability as markets recover."
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