Analysts left the meeting in London unconvinced that the division could maintain its strong performance in the event of a stock market downturn.
“The fact is, they are selling £1m houses out there. If the market crashes, they will sell less, however well they think they are doing,” said one analyst.
The US homes division was the star performer in the group’s results in the six months to July, raising its operating profit 58% to £19m. This was one-third of the overall pre-tax profit figure of £57m.
Taylor Woodrow also announced last week that it is selling its Greenham Construction Materials subsidiary, which made £2m pre-tax profit on turnover of £20m last year.
Analysts welcomed the news. One said: “Greenham more than washed its face, but it is logical that Taylor Woodrow should be out of aggregates.”
