Taylor Wimpey forecasts 75% surge in profit
Taylor Wimpey is expecting to report a 75 per cent increase in operating profit next month.
The house builder, in a trading statement for the year to 31 December published today, said its full year operating profit will increase by 75 per cent from the £88.3 million reported for 2010.
The company also said it is expecting to achieve a double-digit operating margin for the second half of 2011, ahead of schedule.
Completions by the house builder increased by 2 per cent to 10,180 last year and the percentage of completions which are affordable rose from 18 to 20 per cent.
The statement said: ‘Given the balance between a stable UK housing market and widespread economic uncertainty, we continue to maintain a positive but cautious view of the short term trading environment.
‘In addition to creating value in an improving market, our value-focused strategy, high quality land portfolio, increased order book and strong balance sheet all give us a strong defensive position should conditions weaken during 2012.’
Taylor Wimpey’s full results will be published on 29 February.