Biggest housebuliders return to profitability
British housebuilder Taylor Wimpey has announced that it has halved its annual losses and reported that it returned to profit in the last half of 2009.
In 2009, the UK's second largest housebuilder, reported a pre-tax loss of £700m - considerably better that its loss of £1.97bn in 2008. The company has now reduced its debts from £1.53bn in 2008, to £751m currently and is hopeful that its profits will continue to grow to lessen this debt.
The building firm said that UK trading in the first months of 2010, looked even more promising, with the US housing market also stabilising. Such market stabilisation has proved positive for construction recruitment, as Taylor Wimpey is planning new developments across the UK.
Chief executive, Peter Redfern, commented on the current market, stating: ''Whilst we remain cautious, we are continuing to see improving conditions across our main markets.''
Reuters reports that the UK housing market has proved more positive than that of its European counterparts, with the UK's house prices rising by 1 per cent, being one of only five EU countries to report growth.
Rival housebuilder Persimmon also reported growth in the opening months of 2010, giving the company a pre-tax profit of £78m. In light of such profits, the York-based building firm has plans to start work at around 90 new sites this year as demand for their properties rises by 7 per cent.
Chairman, John White commented: ''Persimmon has performed well, the focus and action we took during 2008 to restructure our business has ensured that we remain strong and competitive.''
Author: Sarah Howard
Keywords: construction recruitment