Interim results affected by fewer selling sites but comany is bolstered by record first-half profits from North America
Housebuilder Taylor Woodrow has reported a 6% fall in pre-tax profits for the first half of the year due to fewer UK selling sites.
However the firm’s results were bolstered by record first-half profits from North America.
The housebuilder’s six-month profits to June 30 fell to £160.8m, from £170.4m in the equivalent period last year.
Record profits from the its North American business helped offset the fall in the amount of land sold in the UK, the firm said.
Ian Napier, Taylor Woodrow’s chief executive, said operations in the United States are expected to grow profits in the full year.
The firm increased UK home completions by 5%, however profit margins fell due to an increase in lower-cost social housing.
In North America profits for the first six months of the year rose 29% to £96m.
Source
Building4Jobs
