Interim results hit by fewer selling sites but comany is bolstered by record first-half profits from US
Taylor Woodrow has reported a 6% fall in pre-tax profits for the first half of the year due to fewer UK selling sites. The company’s six-month profits to June 30 fell to £160.8m, from £170.4m in the equivalent period last year.
However, the firm’s results were bolstered by record first-half profits from the US.
Taylor Woodrow’s chief executive, Ian Napier said operations in the US are expected to grow profits in the full year. For the first six months of the year profits in the US rose by as much s 29% to £96m.
Record profits from its North American business helped offset the fall in the amount of land sold in the UK, said the firm.
Although the housebuilder’s UK home completions increased by 5%, profit margins fell due to an increase in lower-cost social housing.