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Sat April 13 2024

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Taylor Wimpey looks to 2025 for any upturn

28 Feb House-builder Taylor Wimpey has reported a near-halving of profits on turnover down 20%.

For the year to 31st December 2023 Taylor Wimpey generated revenue of £3.5bn, down from £4.4bn in 2022, and a pre-tax profit of £473.8m (2022: £827.9m).

Group completions fir the year, including joint ventures, reached 10,848 (2022: 14,154). This year’s completions are likely to be even lower, at less than 10,000.

It will be 2025 before market growth returns, the company said.

Chief executive Jennie Daly saw reasons for optimism. “Whilst still early in the year and at the beginning of the spring selling season, current trading shows some encouraging signs of improvement with reduced mortgage rates positively impacting affordability and confidence in our customer base,” she said.

The year-to-date net private sales rate is 0.67 per outlet per week, compared to 0.62 this time last year, and the cancellation rate is  down from 17% to 12%.

Jennie Daly said: “While the planning environment remains challenging, we have a high-quality, well-invested landbank and a strong financial position which underpins our ability to provide investors with a reliable income stream via our differentiated ordinary dividend policy. Looking ahead we are well-positioned in an attractive market, with significant underlying demand for our quality homes and are poised for growth from 2025, assuming supportive market conditions.”

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