The change of leadership has been timed for the annual general meeting, where at 10.30 this morning shareholders met to hear an upbeat assessment of the company’s prospects.
Despite the previously reported £245m written off to fix cladding and other fire safety issues in mid and high rise buildings of the past 30 years, trading remains strong and profit margins are growing as house price rises offset build cost inflation.
As at 17th April 2022, Taylor Wimpey’s total order book value stood at £2,972m (2021 equivalent period: £2,808m). This represents 10,957 new homes (2021 equivalent period: 10,995 homes), excluding legal completions to date.
On stepping up from group operations director to chief executive, Jennie Daly said: “Trading has continued to be strong, supported by a healthy market backdrop. We have also continued to make good progress against our strategic priorities, including driving growth in operating profit margin and outlet openings. Demand for our homes remains strong, with the business well positioned to deliver further progress in 2022 and beyond.
“Taylor Wimpey is an outstanding business, and it is an honour to take up the role of chief executive today. The business is strongly positioned to deliver sector-leading growth and returns, and I am truly excited by the opportunities ahead. My focus now and for the future is on ensuring Taylor Wimpey delivers its significant potential. I will set out my priorities to the market in May.”