Taylor Wimpey is back in the black with a 拢19.6m pre-tax profit for the first half of 2010.
The house builder posted a 拢68.9m loss for the same period in 2009, and .
Revenue was up 8% at 拢1.22bn, compared to 拢1.13bn for the half of last year.
Net debt continued to fall, dropping to 拢634m from more than 拢1bn this time last year. Taylor Wimpey's net finance charges were 拢59.7m (H1 2009: 拢71.7m).
In the UK, revenue was up 11% at 拢827m (H1 2009: 拢744.4m). Its underlying operating margin was 6.1%.
Completions were up 2% at 4,804, compared to 4,702 for the first six months of 2009. Of these, 3,925 were private and 866 affordable.
The average selling price climbed 10% to 拢168,000, with 拢180,000 for private homes and 拢116,000 affordable.
The firm said it had managed to reduce build cost during the period, with the total cost per square foot for private homes averaging 拢104 during the first half (H1 2009: 拢114), a reduction of 9%.
Taylor Wimpey has 63,291 owned or controlled plots with planning or resolution to grant, a drop of 8.5% on the H1 2009 figure.
Its total UK order book stands at 拢952m.
Pete Redfern, group chief executive, said: "We have performed well in the first half of the year and I'm pleased with the progress we've made in reducing costs, improving the margin and developing the landbank. We have significantly strengthened our business and we are well-positioned to grow shareholder value.鈥�
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