It's tough at the top
- Published: 03 September 2008 10:12
- Last Updated: 03 September 2008 14:32
Taylor Wimpey's experience shows that not even those at the top of the tree are immune to the downturn
What a difference a year makes. This time 12 months ago Taylor Wimpey's position at the top of the table of the UK's biggest housebuilders was a demonstration of its might as the ongoing battle to be the biggest in the business drove the sector to new heights of mania.
It couldn't last, and one credit crunch later, being top of the list may turn out to be a poisoned chalice.
The debt the firm loaded itself up with on its charge to the top has now come back to haunt it, with fears that the housing giant may soon be forced into a fire sale of its assets as it struggles to combat the downturn in housing sales.
And many of those below Taylor Wimpey are in a similar position. Last year the question might have been which of the top 20 would be the next to be taken out by the continuing consolidation seen in the sector.
The question for 2008 may well be: which of those listed will still be around to make the table next year?
To download tables of the top 25 by pre-tax margin, top 25 by pre-tax profit, top 25 by turnover growth and aggregate performance figures for top 100 companies, click on the resource box on the right hand side of the page
