Bryant builds profits at Taywood

IAIN Napier, the new chief executive at housebuilder Taylor Woodrow, has unveiled full-year pre-tax profits of £202.3m, up only slightly from £201m the previous year despite a contribution of £125.7m from recently-acquired Bryant Homes.

Taylor Woodrow, now Britain's fourth-largest housebuilder, sold 11,551 homes or plots, up 97% on the previous year. The average price of a Bryant Homes property rose 8% to £157,000 in 2001. So far, £180m of orders have been taken for the current year, a 25% rise on 2001. Bryant has enough land with planning permission to keep it going for 3 1/2 years.

The group is focusing on the Government's pet project - developing brownfield sites. Regeneration projects with a value of £1.2bn are now under way. Housing accounts for 78% of group profits following the gradual sell-off of assets in the property portfolio. Profits in this division were down 10% to £35.4m after the sale of 17 properties.

Napier reiterated his predecessor's desire to sell the St Katharine Docks estate, which comprises most of the remaining £259.9m of assets left in the portfolio.

Napier, a newcomer to the housing industry having been boss at Bass before its takeover by Interbrew last year, replaced Keith Egerton as chief executive last month. He said: 'Taylor Woodrow has delivered on its promises but there is still much to be done.'

Operating profits rose 35% to £224.2m on sales 38% ahead at £2.14bn. The full dividend is up 9.5% at 6.7p.