UPDATE 1-Taylor Wimpey posts FY loss, encouraging 2010

* Pre-exceptional loss 96.1 mln stg vs 74.7 mln loss

* Says continuing to see slowly improving conditions

(Adds details)

LONDON, March 3 (BestGrowthStock) – British housebuilder Taylor
Wimpey (TW.L: ) reported a deeper full-year underlying loss in
line with expectations and said trading in the first two months
of the year was encouraging.

Taylor Wimpey, the UK’s second largest housebuilder by
market value, reported a pre-exceptional loss of 96.1 million
pounds ($143.2 million) compared with a 74.7 million loss in
2008.

Taking into account exceptional items, the builder posted a
consolidated loss before tax of 699.9 million pounds, compared
with 1.97 billion in 2008.

Rival Persimmon reported strong profit growth on Tuesday
after a significant write-up of 75 million pounds, lifting it
out of the red to a pretax profit of 78 million. [ID:nLDE62012H]

Taylor Wimpey said trading in the UK in the first two months
of the year was encouraging, while the U.S. housing market has
stabilised.

“Whilst we remain cautious, we are continuing to see slowly
improving conditions across our main markets,” chief executive
Pete Redfern said in a statement.

The UK housing market has proved more resilient in its
recovery than European peers according to a new survey published
on Tuesday. UK house prices rose by 1 percent in 2009, among
only five countries to record growth. [ID:nLDE6211YJ]

Taylor Wimpey said it has lowered its net debt to 751
million pounds from 1.53 billion at the end of 2008, but
analysts remain cautious on the stock given a debt burden that
will impact its ability to buy land as the market recovers.

Investment

(Reporting by Lorraine Turner)

UPDATE 1-Taylor Wimpey posts FY loss, encouraging 2010