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Thu May 23 2024

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Taylor Wimpey posts £130m first-half profit

1 Aug 12 Taylor Wimpey has maintained its recovery after posting a £130m pre-tax profit for the first half of 2012, an increase of more than 1,000 per cent on the same period a year ago.

Revenue was up 11% to £906.2m.

The profit would have been higher but for £22.7m of exceptional items, which were finance costs relating to its net debt.

Net debt stands at £135.2m, up slightly on the £116.9m announced in the full year results for 2011.

Taylor Wimpey slashed its net debt from £848.8m a year ago with the sale of its North American business for £731.9m.

The house builder reported growth in completions to 5,083 (H1 2011: 4,707), and an increased average selling price of £176,000 (H1 2011: £168,000).

The value of its private order book has grown 18% to £688m.

It has 6,890 new plots approved for purchase (H1 2011: 5,289).

Pete Redfern, chief executive, said: "I am very pleased to report another period of strong financial and operating performance. 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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