In the first half of 2009, trading conditions improved significantly. We saw stable conditions in the UK, achieving increased sales rates and stable pricing. In North America, after a weak first quarter, we saw an improvement in the second quarter.
Given the uncertainty in wider economic conditions over the last 12 months, our focus has been on cash generation and this is reflected in the financial performance for the period.
Following extensive restructuring, Taylor Wimpey is well positioned to capitalise on the improved conditions in our main markets. Although we will continue to focus on cash generation, our primary objective has now returned to creating value from existing and future sites.
Source: Half Year Results Announcement 2009