The Investment Column: Taylor Woodrow

TW's small constructionarm may not add much to profits, but it is a handy supplier to the group's housing business. It is also confident that it can turn around Greenham Trading, its janitorial supplies business.

On analysts' forecasts of pounds 113m in pre-tax profits and 19.1p earnings per share this year, the shares, at 188p, are good value given the strength of the American business.