Strong first half for George Wimpey

Strong improvements from its three housing brands helped George Wimpey to boost turnover by 15.2% to £1.2bn and pre-tax profit by 29% to £158.5m in the first half.

The George Wimpey business produced a 17% boost in turnover to £809.3m and a 13% boost in the average selling price to £184,000. Operating profit improved 22% to £138.7m, representing a margin of 17.1%.

Laing Homes produced a 26% boost in turnover to £142.9m, but suffered a 7% drop in the average selling price to £308,000. Operating profit improved 43% to £17.1m , making an improved margin of 12%.

The UK landbank rose to 50,901 plots, representing a 5% increase since December 2003.

In the US, the Morrison Homes business improved 18% in the domestic currency, but after currency exchange fluctuations, turnover increased just 5% to £267.7m. However, the operating profit imporved 18% to £33.2m, representing a margin of 12.4%.