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Taywood building profits fall

NEWS

PROFITS at Taylor Woodrow's construction division dropped by half last year due to fewer PFI disposals.

The division occupies a niche role at Taywood working for its house building and development arms plus a handful of blue-chip clients.

Taylor Wood row said that revenue from PFI sales had dropped by 50 per cent, meaning operating profits from the £500 million turnover division fell £9 million to £8.8 million.

It said it had lifted average house sale prices across the group by 3 per cent to £204,000. A strong performance in the USA helped move operating margins at housing to 15.9 per cent.

UK housing was affected by a downturn in customer confidence, which cut completions by 875 and operating profits by 20 per cent to £233 million.

Overall group pre-tax profit nudged up 2 per cent to £411 million while turnover went up 5 per cent to £3.5 billion.