UPDATE 1-Taylor Wimpey moves to H1 profit, margins improve

martedì 3 agosto 2010 08:43
 

* Pretax pre-ex profit 19.6 mln stg vs 68.9 mln loss

* Pretax profit 7.5 mln stg vs 681.9 mln loss

* Says current trading satisfactory

(Adds details)

LONDON, Aug 3 (Reuters) - British housebuilder Taylor Wimpey (TW.L: Quotazione) swung to a first-half profit and said trading is satisfactory, however a slide in house prices and consumer confidence will likely turn up the heat again on the builders.

The company kicked off first-half results from British housebuilders by posting a pretax profit before exceptional items of 19.6 million pounds ($31.0 million), compared with a loss of 68.9 million in the same period last year.

After exceptional items, its profit reduced for the six months to 7.5 million pounds.

It also announced a material improvement in operating margins.

"Although wider economic uncertainty remains, current trading is satisfactory and our forward order books and cautious approach to land valuation provide protection against downside scenarios," said the group in a statement on Tuesday.   Continua...