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Taylor Wimpey sees 60% profits growth

30 Jul 14 The improving housing market continues to lift building companies, with Taylor Wimpey today reporting 18% first-half revenue growth and profits up by more than 60%.

Taylor Wimpey chief executive Pete Redfern
Taylor Wimpey chief executive Pete Redfern

Revenue for the six months to 30 June 2014 reached £1,190.1m (2013 H1: £1,007.1m).

Profit before tax and exceptional items was up 64% to £178.4m (2013 H1: £109.0m). Operating profit was up 45% to £192.1m.

Taylor Wimpey completed 5,766 homes during the period (up 11%), of which 4,755 were for private sale. Of these, 42%, or nearly 2,000 homes, were sold with support from the government’s Help to Buy programme.  Its average selling price was up 10% to £206,000.

On the flip said, the company has had to pay out £116m to local community groups around the country to secure planning permission. Taylor Wimpey converted a record 7,195 plots from its strategic pipeline in the first half of the year.

Chief executive Pete Redfern said that the company was starting to see a narrowing of the north-south divide. “Particularly in the second quarter, we have seen greater balance between the regions, with increases in sales prices and sales rates outside of the strong London and the southeast markets,” he said.

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MPU
MPU

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