Analysts left the meeting in London unconvinced that the division could maintain its strong performance in the event of a stock market downturn.
鈥淭he fact is, they are selling 拢1m houses out there. If the market crashes, they will sell less, however well they think they are doing,鈥� said one analyst.
The US homes division was the star performer in the group鈥檚 results in the six months to July, raising its operating profit 58% to 拢19m. This was one-third of the overall pre-tax profit figure of 拢57m.
Taylor Woodrow also announced last week that it is selling its Greenham Construction Materials subsidiary, which made 拢2m pre-tax profit on turnover of 拢20m last year.
Analysts welcomed the news. One said: 鈥淕reenham more than washed its face, but it is logical that Taylor Woodrow should be out of aggregates.鈥�
