Taywood nears £1.5bn mark in first half

Taylor Woodrow enjoyed a strong first half edging cloer to the £1.5bn mark for the first time. Turnover grew 35% to £1.4bn. Pre-tax profit increased 31% to £168.7m.

The housing division increased turnover from £492.3m to £822.8m and boosted operating profit before goodwill amortisation of £9.8m from £133.1m to £194.9m. The average selling price increased from £187,100 to £199,100. The integration of Wilson Connolly has proceeded to schedule, with £5m of savings made in the first half.

The land bank consisted of 34,856 owned or controlled plots with at least outline planning permission. The strategic land portfolio contains a potential further 87,250 plots. The UK order book stood at £733m, up 93% on the same time last year.

The construction arm grew its turnover from £172.8m to £191.2m and lifted pre-tax profit from £13.3m to £14.9m. The order book grew 10% to £825m.