Housing and development company Taylor Woodrow will announce record profits when it publishes its results for the year to 31 December in March, the group said today.
In a trading update for the period, the group said housing completions increased by 21% to 13,091 as the company integrated US group Wilson Connolly into its international operations.
Taylor Woodrow’s total housing order book for the year was 2% ahead of 2003 at £1.13bn.
In the UK, housing completions were 9,053, up 18% on 2003, but below its previous expectations. The group said this was a result of continuing uncertainty over house prices, a consequent cautious approach by house buyers and a reluctance to chase volume.
In the first half of the year net reservations per site were slightly ahead of the same period in the previous year, but in the second half were significantly below 2003.
Average selling prices in the UK increased by 9% to £197,000.
At the year end Taylor Woodrow’s UK housing landbank consisted of about 33,000 owned or controlled plots with outline planning permission. Of these, about 9,100 have detailed or outline planning permission for development this year.
In North America, total home completions increased by 30% to 3,634, with all regions increasing profits and volumes. Average selling prices for home completions increased by 10% to $375,000 (£200,000).
Taylor Woodrow’s forward order book for the US was at record levels by the year end at $1.246bn (£666m) an increase of 57%.
At the year end the group’s US landbank consisted of more than 30,000 owned or controlled plots with outline planning permission.
Chief executive Ian Napier said: “2004 has been another year of good progress for Taylor Woodrow. Looking ahead, the continued strength of our international operations provides us with channels for growth while in the UK we are well placed to respond to an improvement in consumer confidence.”
Taylor Woodrow publishes its full results on 1 March.
References: EGi News 10/01/05
