Housebuilder feels effects of the tougher housing market.
Housebuilder Taylor Woodrow suffered a fall in profits for the first half as the firm felt the effects of a tougher housing market.
Taylor Woodrow reported a 3% fall in pre-tax profits for the six months to 30 June 2005, down to £170.4m from £175.9m. Profits in the firm’s construction division fell by more than a third as a result of the sale of PFI disposals.
Ian Napier, chief executive, said: “In the UK, the housing market was challenging. Against the market average, the company delivered a strong sales performance in the first half of 2005. However, the market has been much more difficult than in the exceptionally strong trading environment in the first half of 2004.” Napier added that the outlook in the UK remained “uncertain” for the rest of the year.
In the UK, the company’s housing turnover dropped 17% £681.2 million, while operating profits fell 18% to £108.1m. Overall, company turnover increased 1% from £1.43 billion to £1.45 billion.