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Taylor Wimpey profits up 40 per cent as margins and revenue grow

Housebuilder Taylor Wimpey has seen revenue, operating profits and margins grow substantially in the first half of 2013.

Compared to the first six months of 2012, profit before tax has jumped 42.1 per cent, to £76.7m.

Revenue, meanwhile, has increased by over £100m, from £906.2m in the first half of 2012 to just over £1bn in the first half of 2013.

This spelled a group operating margin growth from 11 per cent last year to 13.1 per cent this year.

The UK operating profit margin, meanwhile, jumped from 11.2 per cent in the first half of 2012 to 13.5 per cent in the first half of 2013.

Completions over the period were up slightly from 5,083 to 5,191, while average prices have jumped from £176,000 to £188,000.

Taylor Wimpey’s order book stands up almost £350m from this point last year, at £1.3bn, while the injury incidence rate has more than halved and the strategic landbank stands at £102,000 plots. 

Chief executive Pete Redfern said: “During the first half of 2013, there has been meaningful improvement in the housing market, with more positive consumer sentiment, a more available and affordable mortgage market, and the presence of Government mortgage schemes, all adding to a favourable outlook.

“Our business is ideally positioned to perform well in this environment with a strong land position and a very effective housebuilding operation. We continue to open all new outlets with implementable planning permission.”

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