OVERHAUL OF Taylor Woodrow's construction business earlier this year stabilised its first half pre-tax profits at £3.1M, unchanged from last year, on a slightly reduced turnover of £284.6M.
Around 250 staff were laid off and several peripheral activities targeted for disposal in May in a bid to refocus the business. Taywood said it was now reducing exposure to risk on projects in the UK and abroad.
Although its order book of £770M was slightly down from six months ago, this was mainly blamed on Taywood's concentration on low risk work. Negotiated contracts now make up 75% of workload.
However, it maintained that construction was still an important part of group strategy. Overall the business was bolstered by strong house building performances in the UK and USA. Group pretax profits rose to £60.5M from £53.5M on a turnover up slightly to £684.1M.