2001 a record year for Taywood

Taylor Woodrow has revealed today that 2001 was another record year for the company.

Speaking at Taywood's AGM chairman, Dr Robert Hawley  told shareholders that the acquisition of Bryant Group had transformed the profit profile and operating structure of the company. The move enabled market capitalisation to double to £1.2bn while turnover exceeded £2bn for the first time.

On current trading, chief executive Iain Napier added: "The 2002 outlook for Taylor Woodrow remains positive.

"Since announcing our preliminary results for 2001 in March, we have experienced strong demand across all our major markets.

"Our UK housing business is performing well across all regions with average selling prices rising in line with industry levels. On a like for like basis, net reservations per site are well ahead on the same period last year," he said.

"The business has however been operating from 15% fewer sites in the first quarter compared to last year, although this profile will reverse in the second half of 2002."

Napier revealed that in the UK, demand for new housing continued to outstrip industry supply by around 50,000 homes each year. 

"Constraint on supply relative to demand is clearly a factor behind the continued strength of house prices across the country," he added.

"In terms of disposable income, housing also remains relatively affordable compared to long term trends."

Taywood's UK Commercial Property business has completed the sale of eight developments although occupier markets generally remain flat, while its refocused construction business remains on track to meet its targets for the year ahead.