Taylor Woodrow is to exit civil engineering, piling, foundations and precast concrete after a strategic review.

Welcoming the group's 25% rise in pre-tax profit to £125m for the year to 31 December 1999, analysts said management informed them of the decision to get out of the civils market in a meeting on Wednesday.

Taylor Woodrow also announced that it is to sell distribution business Greenham Trading, and that it is in discussions with the management regarding a buyout.

As predicted in Building, the company has also announced a further spate of job cuts in its contracting division.

About 500 jobs are set to go this year and the company will face £4.5m of restructuring costs – the same amount as last year, when it axed 250 jobs.

  • Tilbury Douglas has reported a pre-tax profit hike of 30% to £35.3m for the year to 31 December 1999. Turnover rose 20% to £769m.