Taylor Wimpey losses widen

Housebuilder Taylor Wimpey said full year pre-tax losses widened but added the first two months of the year had started strongly and it was well positioned to increase profitability as markets recover.Loss before tax and exceptional items widened to £96.1m in the 12 months to 31 December 2009 from a loss of £74.7m before. Revenue in 2009 fell to £2.6bn from £3.5bn a year before as reduced mortgage availability and valuations hurt business.Restrictions on mortgage availability, whilst still having an impact on customers' ability to fund new home purchases, are gradually easing, the group noted.On an upbeat note, Taylor Wimpey said that it had seen 'significant stabilisation in the UK and North American housing markets through 2009'.Chief executive Pete Redfern added, "We were pleased to return to operating profit in both the UK and North America in the second half of the year. Whilst we remain cautious, we are continuing to see slowly improving conditions across our main markets."He added, "Our active cost reduction, high quality landbank and strong order book position us well to increase profitability as markets recover."The group has reduced debt to £750.9m from £1.53bn.