Taylor Wimpey half year profit jumps 170%

Pre-tax profit at housebuilder Taylor Wimpey has jumped 170% to £78m for the half year to July 1 2012, compared to the same period the previous year.

Operating margins rose to 11.1% from 8.2%, while revenue also grew to £906.2m from £817.8m.

The company completed 5,083 homes in the UK during the six months with an average selling price of £176,000.

Pete Redfern, chief executive, said: “We’ve seen improvements across the business driven by our continued focus on prioritising margin growth and return on capital.

“Although wider economic conditions remain uncertain, we have been reassured by the continued stability in trading conditions and the strength of our order book.

“Looking ahead, we expect to deliver further improvements in performance across all key metrics.”