26th Apr 2005 07:02
Taylor Woodrow PLC26 April 2005 AGM TRADING STATEMENT Iain Napier, Chief Executive of Taylor Woodrow, will make the following comments at today's AGM. "Turning to the outlook for 2005, overall, Taylor Woodrow is performing in linewith our expectations. In the UK, the housing market has improved from the end of last year, butremains more difficult than the buoyant conditions in early 2004. In this morecompetitive environment we are seeing increased use of incentives, but priceshave remained broadly stable. Total net reservations in the year to date areonly slightly lower than in the strong comparative period last year. As weindicated in March, having started the year with a smaller order book than 2004,we are likely to report lower year on year completions in the first half. With the present uncertainty over interest rates, the distraction of the generalelection and a more cautious approach from buyers, it remains too early topredict the UK market for the full year. However, over the medium term, themarket remains attractive, underpinned by low interest rates, the strongesteconomy in Western Europe and a chronic shortage of new housing. In North America, which now generates around 30% of our operating profit, allour markets remain very strong. Having entered the year with a record orderbook, we have a high level of confidence that we will deliver significant profitgrowth from a combination of higher volumes, selling prices and margins. The outlook for the Group remains good. Our balance of profit generation betweenthe UK, North America and Spain provides us with alternative growth channels andthe ability to mitigate exposure to any one market. " Notes to editors:Taylor Woodrow plc is a housing development company. Its primary business is thedevelopment of sustainable communities of high quality homes in the UK and inselected markets in North America and Spain. The company is listed on the LondonStock Exchange and in the year ending 31 December 2004 turnover increased to£3.3 billion. For further information please visit the company's website -www.taylorwoodrow.com For further information please contact: Taylor Woodrow Media Enquiries:Ian Morris - Tel: 0121 600 8520 / 07816 518 767 Taylor Woodrow Investor Relations:John Holland-Kaye - Tel: 07816 517 200 Maitland Consultancy:William Clutterbuck - Tel: 0207 379 5151/ 07785 292 617 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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