Partly Cloudy

Partly Cloudy

max temp: 7°C

min temp: 1°C

ESTD 1874 Search

Taylor Wimpey profits boost points to housing market improvements

10:03 14 January 2013

Taylor Wimpey

Taylor Wimpey

Taylor Wimpey highlighted the better conditions in the housing market today as it prepares to announce annual profits at the top end of expectations.

As well as the anticipated 40pc rise in operating profits for 2012, Wimpey said consumer sentiment over the first two weeks of 2013 had been the most positive it had seen in recent times.

It added: "Clearly it is too early to judge the market for the year, but we maintain a positive, although cautious view in the short term."

The group, which teetered on the brink of collapse in 2009 due to its massive debts, said it had been helped by a number of major lenders reducing their mortgage rates due to the Bank of England's Funding for Lending scheme.

Wimpey has also supported first-time buyers with the purchase of 1,203 homes under the government's FirstBuy scheme, as well as a further 546 homes under initiatives designed to help those with smaller deposits.

The company reported a "substantial" order book at the start of 2013, with the increase in value to £948 million representing 5,966 homes.

It completed the final stage of its financial overhaul in 2011 when it sold its North American division, leaving it to focus on a UK business that sold 10,866 homes at an average price of £181,000 during last year.

The recovery in its trading performance was also highlighted in its UK operating margin, which is now in double-digits compared with 8.8% in 2011. The company is due to announce its results for 2012 on March 1.

Chief executive Pete Redfern said: "As we look forward to 2013, we are confident that we will continue to deliver against our key objectives and target further improvement."

Search hundreds of local jobs at Jobs24

0 comments

A Royal Bank of Scotland branch in London.
Photo: Dominic Lipinski/PA Wire

Royal Bank of Scotland (RBS) has reached a “final settlement” with three out of the five shareholder groups bringing compensation claims against it in connection with its 2008 rights issue.

Keith Ferguson of BDO LLP.

The East of England’s manufacturers have seen a delayed recovery finally arrive in the final quarter of 2016 with much improved growth in output and orders, according to a new report.

The Suffolk Young Chamber at Sir John Leman High School. From left,  Kevin Keable, Sir John Leman School, Ashleigh Seymour-Rutherford, Suffolk Young Chamber, Jeremy Rowe, Sir John Leman School, Molly Ellis, head girl of Sir John Leman School; Tom McGarry, Sizewell C Head of External Relations, Allison Copeman, Sir John Leman School, Michael Taylor, Sir John Leman School, Elliot Fen, head boy of Sir John Leman School.

More than 50 business leaders attended an event at Sir John Leman High School in Beccles to mark the start of EDF Energy’s patronage of Suffolk Young Chamber.

Ipswich wet dock in 1850, from the IMT Photographic Archive, including medieval buildings at Smart's Wharf

The Ipswich Maritime Trust has been building up its historical collections, in relation to the Wet Dock, the port and the River Orwell, for decades.

Sports Direct boss Mike Ashley outside its headquarters in Shirebrook, Derbyshire.
Photo: Joe Giddens/PA Wire

Scandal-hit retailer Sports Direct and online grocer Ocado are set to update the City on trading this week as the fall in sterling and the supermarket price war continue to dominate.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24