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Sunday 06th of March 2011
March 3, 2011    

Taylor Wimpey returns to full-year profit

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by Kay Murchie
Taylor Wimpey returns to full-year profit

Taylor Wimpey, which was formed by the merger of Taylor Woodrow and George Wimpey, today said it had returned to profitability but remains cautious.

The housebuilder, which is the country’s third largest by value, said pre-tax profit before exceptional items came in at £75.1 million for the 2010 year - against a loss of £96.1 million in the previous year.

The results beat expectations.

Like rival Persimmon, Taylor Wimpey said it was encouraged by the strong start to 2011 but said housing surveys point to a subdued housing market and it remains cautious.

The ongoing mortgage rationing by lenders means the housing market will remain muted this year but Taylor Wimpey said it continues to work with the mortgage industry to explore ways of increasing mortgage supply.

Meanwhile, the company said it completed a total of 9,962 homes in 2010, down from 10,186 the previous year, with the average house sale price rising by 7% at £171,000.

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