TayloWimpey hit by overseas write-downs
Housebuilder Taylor Wimpey revealed a jump in underlying UK profits today, but racked up an overall loss thanks to hefty write downs in its overseas markets.
The group, which sells homes under the brands George Wimpey, Bryant Homes, G2, Wilson Connolly and Laing Homes, saw pre-tax profits in the UK rise 14% to £608.5m (€793.2m) for 2007.
This came as the firm delivered improved margins to offset a 6% fall in the number of completions in the UK last year to 20,690. Average selling prices nudged up to £188,000 (€245,066) from £186,000 (€245,500).
