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Taylor Wimpey's UK revenue and profits climb

Taylor Wimpey has recorded a pre-tax profit increase, year-on-year on its six months to 1 July 2012 of 170.6 per cent.

Group operating margin increased in the same period from 8.2 per cent (H1 2011) to 11.1 per cent, while in the UK it increased from 8.4 per cent to 11.4 per cent.

In the UK the housebuilder recorded increases in percentage completions (8 per cent), average selling price (4,8 per cent) and revenue (11.6 per cent to £903m).

Its UK operating profit was up more than 50 per cent from H1 2011 to H1 2012, at £102.6m, however its forward order book as a percentage of completions dropped from 61 per cent to 54.6 per cent.

Its UK health and safety injury frequency rate (per 100,000 employees and contractors) also increased from 231 to 259.

Of its UK performance, the company stated: “We continue to prioritise margin performance ahead of volume growth and have achieved continued growth in the operating margin to 11.4 per cent through a continued focus on optimising returns on pre-downturn land assets and an increased proportion of completions from strategically-sourced land and land acquired since the downturn.” 

Taylor Wimpey has approved the purchase of 6,890 plots on a total of 53 sites during the first half of 2012.

Chief executive Pete Redfern said: “I am very pleased to report another period of strong financial and operating performance. 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.”

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