Taylor Wimpey has posted a pre-tax loss of 拢699.9m for the year ending 31 December 2009, compared with a 拢1.97bn loss in 2008, but says trading is 鈥榚ncouraging鈥�.
The UK's second largest house builder by market value would have reported a loss of 拢96.1m (2008: 拢74.7m), had it not been for exceptional items totalling 拢603.8m.
These included land plus work-in-progress write-downs in the UK of 拢445m, North America of 拢78.7m and Spain / Gibraltar of 拢3.3m.
Taylor Wimpey鈥檚 turnover was more than 25% lower at 拢2,595.6m and the operating profit before finance costs, exceptionals and amortisation was 拢43.3m.
Of this operating profit, 拢14.3m was generated by the UK business (2008: 拢53.0m) and 拢48.1m by the North American business (2008: 拢59.9 million).
Taylor Wimpey said it has lowered its net debt to 拢751m pounds from 拢1.53bn at the end of 2008.
The house builder sold 10,186 homes in the UK at an average selling price of 拢160,000, 4,755 homes in North America at an average selling price of 拢171,000, and 225 homes in Spain and Gibraltar at an average selling price of 拢260,000.
The house builder said that trading in the UK has continued to be 鈥渆ncouraging鈥� during the first two months of 2010, with the improved conditions seen in 2009 still in evidence.
In North America, the stability seen in the US housing market during the majority of 2009 has continued into the early months of 2010.
Peter Redfern, group chief executive, said:"Trading conditions for our main businesses stabilised through 2009 and we were pleased to return to operating profit in both the UK and North America in the second half of the year.
"While we remain cautious, we are continuing to see slowly improving conditions across our main markets. Our active cost reduction, high quality landbank and strong order book position us well to increase profitability as markets recover."
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