Despite drop, observers say results show ‘tentative signs of turnaround’ in housing sector
Taylor Wimpey’s pre-tax profit has dropped significantly on the back of soaring fire safety remediation costs.
Results for the half year to 30 June, published this morning, showed pre-tax profit of £99.7m, down 58% from £237.7m in the same period the year prior.
Without a £88m increase in cladding fire safety provisions, profit still would have been down, but only to £187.7m.
The housebuilder attributed the increased provision to cost inflation on new