Taylor Woodrow exceeds City expectations with £168.7 pre-tax profit and predicts 10,000 UK house builds in 2004

Taylor Woodrow’s posted a pre-tax profit of £168.7m for the six months to 30 June 2004, an increase of 31% on last year. Group turnover for the period was £1,435.4m

The housebuilder said it expected to complete around 10,000 homes in the UK in 2004, with an average selling price of £198,100, a 6% increase on last year’s selling price In its second biggest market North America, the company expects to complete 3,500 homes in 2004.

In the UK, Taylor Woodrow said that the said that the continuing undersupply of housing, good employment levels are sustaining a reasonable demand for homes, although chief executive Ian Napier said that interest rates rises were beginning to bite.

He said: “Following interest rate rises in the UK, the housing market has reverted to a more normal level of activity and we expect to see the usual market pick up in September following the holiday period.”