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Taylor Wimpey build less but expect more profit

21 January 2011
Written by rosalind renshaw

House builders Taylor Wimpey completed 9,962 homes in 2010 compared to 10,186 in 2009, but the firm expects more profits.

In an interim trading statement ahead of full year results in March, the firm said that operating profit and profit before tax would be ahead of expectations, which it upgraded from last November.

Its margins are expected to be 7% – up from 0.8% last year.

Taylor Wimpey says it has reduced build cost by 10% and delivered further savings to give the higher margin. It expects to continue to reduce its costs.

The firm says it continues to be cautious in the face of constrained mortgage lending and continuing uncertainty in the wider economy.

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