Housebuilder reports 拢28.9m pre-tax profit and operating margins of 9.3%
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Taylor Wimpey is on course to make a double-digit operating margin in 2012 following a drive to reduce building costs.
Half-year results released today for the six months to 3 July show the housebuilder boosting operating margins to 9.3%.
Taylor Wimpey also reported a strong rise in profitability 鈥� turning around a 拢2.3m pre-tax loss to a 拢28.9m pre-tax profit.
The company continues to target margins over volumes as the number of new homes completed during the period fell to 4,707 from 4,804.
Turnover dropped to 拢817.8m from 拢846m, however operating profits jumped 31% to 拢67.2m.
Pete Redfern, chief executive of Taylor Wimpey, said: 鈥淭his has been a transformational six months for Taylor Wimpey, with the sale of our North American business and significant progress towards our double-digit operating margin target in the UK.
鈥淲e have a strengthened balance sheet, an increased financial capacity to invest in the UK and we are well positioned to deliver further improvement in margin and returns going forward.
鈥淎lthough there is ongoing uncertainty in the wider economic environment, current conditions in the UK housing market remain stable.
鈥淲e expect this stability to continue for the remainder of 2011 and remain on course to deliver profits in line with the board鈥檚 expectations for the continuing group.鈥�
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