Housebuilder Taylor Wimpey has recorded a 2% rise in 2011 turnover, to £1.8bn.
The small revenue rise reflects the continuing stability in market conditions in the UK during 2011 the company said this morning. It also recorded a £159.5m operating profit compared to £38.3m in 2010.
During 2011, 11,756 new plots were approved for purchase, up from 8,713 the previous year.
Pete Redfern, chief executive, said: “Our performance is the result of a continued focus on driving value by prioritising a further improvement in margins and return on capital. In 2011, we saw significant progress in our operational performance and I am pleased that we have reached our double digit operating margin target ahead of schedule.”
The firm added that its land portfolio, increased order book, and strong balance sheet will give it a strong defensive position should conditions weaken during 2012.
joanna.bourke@estatesgazette.com
