Profit before tax and exceptionals was up 178.1% at £75.1m for the year to December, turning round from a previous loss of £96.1m. Revenue edged up 0.3% to £2.60bn from total completions of 14,272 homes, previously 15,166.
The group said that although completions fell in both the UK and North America, this was offset by growth in average selling prices.
Group operating margin rose to 7.5% from 1.7%. In the UK, operating margin was 7.1% against the previous 0.8%, while in North America the figure rose to 11.2% from 5.8%.
Adjusted EPS was 0.6p, against the previous loss per share of 4.3p. Net asset value per share increased to 57p from 47p.
No final dividend was declared. The group said it would continue to review its dividend policy in the light of its financial position and future economic and market conditions.
The group said it had seen strong cash generation throughout the year, with net debt reduced to £654.5m from £750.9m.
CEO Pete Redfern said, ‘The significant improvement in our performance during 2010 reflects our disciplined focus on margin ahead of volume growth. ‘We have continued to improve the quality of our landbank and add value to our existing sites through replans and operational efficiency. We now have the financing in place to enable us to continue that progress towards our aim of achieving double-digit margins in 2012.’
In the UK, the group said it had seen a positive start to 2011 with some price increases. In North America, markets appeared to have stabilised and there were signs of increasing consumer confidence. The group was evaluating proposals for the North American business and would update the market in due course.
Onyx Construction Consultants are pleased to count Taylor Wimpey as one of its valued clients working with its Bury St Edmunds, Milton Keynes and Borehamwood offices and glad to see that they are doing very well in the current market conditions.
If you are a house builder and need assistance with your commercial needs or a subcontractor looking for an introduction to major house builders then contact Andrew Fella at Onyx Construction Consultants Ltd