Taywood set for £300m profit

Taylor Woodrow's 2003 pre-tax profit is expected to full close to £300m before exceptional and goodwill charges, according to an average of predictions by analysts who follow the housebuilding sector.

In a trading statement issued this morning, chief executive Iain Napier said the interest rate rise in November last year had no discernible effect on demand for homes. "Historically low interest rates continue to underpin affordability," he said. "However, planning delays continued to frustrate the industry."

During 2003, Bryant Homes completed 6,100 homes (2002: 6,200). For the same period, Wilson Connolly completed 3,800 (2002: 4,000) with 1,600 of these being built since Taylor Woodrow bought its former competitor.

Average sales prices were £184,000, up 1%, reflecting a switch from the south to the north and a 6% reduction in the size of the average home sold.

Construction enters 2004 with a forward orderbook of £785m, up 17% on last year. A quarter of construction work is on Taywood's own development projects.