Taywood aims to build on £390m profit boost

Taylor Woodrow has unveiled a pre-tax profit of £390m for 2004, well ahead of the figure of £300m achieved in the previous year.
Chief executive Iain Napier said: "2004 was a successful and busy year. We completed the integration of Wilson Connolly on schedule and delivered the synergies as planned. We generated cashflows from our operations and from disposals of assets, which allowed us to strengthen our balance sheet to fund the next stage of our development.
"It is too early to predict the 2005 UK [housing] market, although in recent weeks, sales and visitor levels have been ahead of the last six months of 2004."
UK housing reported 9,100 home completions (7,700 in 2003), at an average sales price of £197,000 (£181,000), a rise of 9%. Social housing represented 9% of completions (8%) and apartments grew to 36% (32%).
Taywood's housebuilding division accounted for £2.9bn of group turnover and delivered an operating profit of £450m.
Construction won the assurance that it "remains a core competence", but the division is now a relatively minor contributor to group profit.