AGM Statement

Taylor Woodrow PLC
20 April 2004


20 April 2004

                               TAYLOR WOODROW PLC

                             AGM Trading Statement


Iain Napier, Chief Executive of Taylor Woodrow, will make the following comments
at today's AGM.

'During the first three and a half months of 2004, we have continued to see
strong market conditions across our housing operations, in United Kingdom, North
America and Spain.

In the United Kingdom, visitor levels and reservations per site are ahead of
last year. Selling prices also continue to move forward.

So far this year, 52% of our 2004 budgeted sales have either been completed or
reserved, compared to 39% at the same time last year. Completions so far this
year, coupled with 2004 sales in the order book, have been made at an average
sales price of £192,000, up 6% on the average sales price for full year 2003. We
continue to build smaller homes and, on an average sales price per square foot
basis, we are showing a 10% increase over full year 2003.

First half operating margins for the UK Housing business are expected to improve
over the proforma-blended margin achieved in the same period last year.

Active sites are planned to increase by 16 to 219 by the end of the first half.
Our forecast for the end of the second half is to be operating from around 210
active sites, in line with our previous expectations.

We remain on track to complete around 10,000 homes during 2004 in the UK, of
which around 3,900 will complete in the first half.

During this year, all Wilson Connolly sites have been integrated into Taylor
Woodrow systems. We remain confident of securing the £12.5 million Wilson
Connolly acquisition synergies although these will be weighted towards the
second half after rationalisation of the regional network and central overhead
in the first half.

In North America, we have also seen visitor levels and reservations per site
ahead of last year.

So far this year over 75% of our budgeted sales for the year have either been
completed or reserved at an average selling price of £190,000, down 8% on 2003
prices, due to a continued move to the mid market in California and general
sales mix.

First half operating margins for the North American housing business are
expected to show modest improvement over the same period last year.

We remain on track to show strong growth by completing around 3,500 homes during
2004 in North America, of which around 1,500 will complete in the first half.

The housing business in Spain also continues to perform well and we remain
confident of a similar level of performance in 2004 as in 2003.

Construction's order book stands at £762 million - a similar level to last year.

We also announced the sale of the St Katharines and K2 property developments
this year for £283.3 million. We received £166.3 million for St Katharines and
will receive a further £117 million when the K2 property development is complete
in late December 2004 or early January 2005.

We redeemed the 2014 9.5% first mortgage debenture and as announced this will
give rise to an exceptional interest charge of £41 million in the profit and
loss account in the first half.

In summary, we remain on track to deliver another set of good results this year
in line with the Board's expectations.'

Taylor Woodrow will issue a first half trading update during early July 2004.

                                     -ENDS-

For further information, please contact:

Ian Morris                                     0121 600 8520 / 07816 518767
Taylor Woodrow Corporate Communications

Jonathan Murrin                                0121 600 8521 / 07816 518718
Taylor Woodrow Investor Relations

William Clutterbuck                            020 7379 5151 / 07785 292617
The Maitland Consultancy




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