House builder Taylor Wimpey has revealed a pre-tax profit loss of £68.9 million for the six months to June 2009 compared to £300,000 last year due to further land write downs.
Land and work in progress write downs in the UK accounted for £445 million of the overall exceptional loss of £603.8 million. Write downs in North America equated for £78.7 and £3.3 million across Spain and Gibraltar.
But Taylor Wimpey said it is seeing an increased stability in housing markets in the UK and North America.
Taylor Wimpey said trading in the UK had remained ‘encouraging’ since its trading update last month, with it yet to see the usual level of seasonal slowdown so far this summer.
The firm said: “Although there remains the possibility that the uncertainty in the wider economy will have a further adverse impact on the housing market, we are cautiously optimistic about trading conditions for the remainder of the year.
“With a strong forward sold position for 2009, and land still a scarce resource in the UK, our current sales focus is on achieving price increases and delivering a strong start to 2010.”