Taylor Wimpey has released its trading statement for 2011 year end. Trading conditions have remained robust since the company's Interim Management Statement in November 2011, and it expects to report an increase of over 80% in Group operating profit for the second half of 2011 (H2 2010: £49.1m). 

The company report that it anticipates that it will achieving it's target of double-digit operating margins in the UK in the second half of 2011, ahead of schedule, with a full margin ahead of that reported in the first half of 2011 and in 2010 full year (H1 2011: 9.3%, FY 2010: 6.4% excluding one-off pension curtailment  credit of £12.0m).

Home completions increased by 2% to 10,180 (including the company's share in joint venture completions) from 9,962 in 2010, of which 20% were affordable hosing completions (2010: 18%). Taylor Wimpey's average selling prices on private sales rose marginally to £185k from £184k, against a backdrop of broadly stable house prices in the wider market.

Following the successful sale of the company's North American business, Taylor Wimpey reports that it has finalised it's strategy to optimise it's UK residential development business. 

Taylor Wimpey say the key elements of this strategy are: prioritisation of both short and long term margin performance ahead of volume growth; development of our extensive strategic land portfolio in combination with targeted short term land acquisitions; a comprehensive focus on improving returns from both our existing land portfolio and newly acquired sites through our value management process; and ongoing management of the Group's capital structure, operating structure and level of land investment to maximise performance across the housing market cycle.

Peter Redfern, Group Chief Executive, commented: "In 2011, we have taken the opportunity to focus on our strategy of driving value for shareholders through margin improvement and improving return on capital. It is pleasing to have reached our double digit operating margin target ahead of schedule and to be well-placed to deliver further improvement, providing that market conditions remain broadly stable."