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Taylor Wimpey (TW.)

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idpickering
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Re: Taylor Wimpey (TW.)

#391350

Postby idpickering » March 2nd, 2021, 7:15 am

Group financial highlights:
• 2020 results in line with expectations, with good recovery in the second half of the year as build capacity returned to near normal levels
• 38.9% decrease in Group completions to 9,799 (2019: 16,042) including joint ventures, primarily due to Q2 site shutdown with revenue of £2,790.2 million (2019: £4,341.3 million)
• Operating profit* of £300.3 million (2019: £850.5 million), reflecting reduced volumes, delivering an operating profit margin of 10.8% (2019: 19.6%)
• Profit for the year of £217.0 million (2019: £673.9 million)
• Net cash‡ of £719.4 million (2019: £545.7 million)
• Resumed Ordinary Dividend Policy to pay out c.7.5% of net assets, starting with a proposed 2020 final dividend of c.£151 million (4.14 pence per share), subject to shareholder approval
• Raised £510 million of net funds in an equity placing in June 2020, to pursue additional near-term land acquisition opportunities
• Agreed terms on and authorised c.£1.3 billion of gross land purchases by 31 December 2020, since re-entering the land
market.

And later;

The Directors recommend a final dividend for the year ended 31 December 2020 of 4.14 pence per share (2019: nil pence per share) subject to shareholder approval at the Annual General Meeting, with an equivalent final dividend charge of c.£151.0 million (2019: nil). The final dividend will be paid on 14 May 2021 to all shareholders registered at the close of business on 6 April 2021.
In accordance with IAS 10 ‘Events after the balance sheet date’ the proposed final dividend has not been accrued as a liability at 31 December 2020.


Finals downloadable via here; https://www.taylorwimpey.co.uk/corporat ... nd-reports

Also posted on HYP Practical Board.

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Re: Taylor Wimpey (TW.)

#406011

Postby idpickering » April 22nd, 2021, 7:12 am

Trading statement for the period covering 1 January 2021 to today.

Taylor Wimpey plc is holding its Annual General Meeting (AGM) at 10:00am today at its registered office in High Wycombe, where the following comments will be made regarding current trading, financial performance, and outlook for the financial year. In light of current restrictions, shareholders will unfortunately not be permitted to attend the AGM in person and are encouraged to follow the AGM remotely via an audiocast facility.
Pete Redfern, Chief Executive, commented:
“The UK housing market continues to be resilient and we are trading in line with our full year expectations. With strong market fundamentals, customer demand for our high-quality homes remains robust and we are achieving a strong sales rate and building a healthy forward order book.
The last year has been very challenging for everyone and I must again thank our teams for their outstanding efforts and commitment which have enabled us to continue to deliver for customers. It was pleasing to be recognised by the Home Builders Federation as a five-star homebuilder in March this year and we remain focused on delivering the highest quality service to our customers.
We are a cash generative business with a strong balance sheet and remain focused on our strategic priorities to drive operating profit margin while creating long term value for our customers and shareholders.”
UK current trading and operations The UK housing market has remained healthy in 2021, underpinned by continued strong customer demand, low interest rates, good mortgage availability and ongoing Government support, particularly for first time buyers. The transition into the next phase of Help to Buy has progressed smoothly and we have experienced strong customer demand for our homes under the new scheme. Our net private sales rate for the year to 18 April was strong at 1.00 (2020 equivalent period: 0.90) with a cancellation rate of 14% (2020 equivalent period: 16%). We have achieved growth on sales prices realised at the end of last year. As at 18 April 2021, our total order book value stood at approximately £2,808 million (2020 equivalent period: £2,668 million). This represents 10,995 homes (2020 equivalent period: 10,853 homes), excluding legal completions to date. We have made good early progress on our 2021 priorities, including driving operating profit* margin and an enhanced cost control mindset across the business. Our focus remains on delivering our operating profit margin target of c.21-22% in the medium ter.

And later;

Dividends

As previously announced, we intend to pay a 2020 final ordinary dividend of 4.14 pence per share on 14 May 2021 (2019 final dividend: nil), subject to shareholder approval at today’s AGM, and a 2021 interim dividend of c.4.14 pence per share in November, in line with our Ordinary Dividend Policy to return c.7.5% of net assets annually, in two equal instalments.
As we look forward, it remains our intention to return excess capital to shareholders in line with our policy. We are not planning to make a capital return in 2021 and will review the potential level of excess capital at the time of our 2021 full year results in March 2022, for payment in 2022.
Board updates


Item downloadable via here;

https://www.taylorwimpey.co.uk/corporat ... nd-reports

RNS here; https://www.investegate.co.uk/taylor-wi ... 00022311W/

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Re: Taylor Wimpey (TW.)

#408293

Postby monabri » April 30th, 2021, 11:08 am

https://www.taylorwimpey.co.uk/why-choo ... nd-buglife

"Partnering with Hedgehog Street and Buglife"

"As part of our commitment to sustainability we’ve partnered with two wonderful wildlife organisations.

"We’re creating space for nature to thrive on our developments, making sure that planted areas include food for bees and butterflies, as well as installing features like bird boxes, bug hotels and hedgehog highways to support native UK species."

Good! It doesn't cost much to help the environment.

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Re: Taylor Wimpey (TW.)

#432380

Postby idpickering » August 4th, 2021, 7:29 am


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Re: Taylor Wimpey (TW.)

#457214

Postby idpickering » November 11th, 2021, 7:17 am

Trading statement

Pete Redfern, Chief Executive, commented:

"We are pleased with performance in the second half to date, and remain on track to deliver full year 2021 results in line with previous guidance.

We have been building a strong forward order book for 2022 and continue to see good demand for our homes, supported by a positive market backdrop. Despite well-publicised industry supply chain pressures, we are managing our supply chain effectively and are benefiting from our scale and strong partner relationships. We continue to see house price inflation fully offsetting build cost inflation.

Looking ahead, market conditions remain supportive, and with the benefit of our strong land position we are well placed to deliver against our medium term targets."


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Re: Taylor Wimpey (TW.)

#464794

Postby idpickering » December 10th, 2021, 4:01 pm

Activist Investor Elliott Management Takes Stake in Builder Taylor Wimpey

Activist investor Elliott Investment Management called on Taylor Wimpey Plc to shake up its management, blaming the homebuilder’s lagging share price on “the collapse in investor confidence in the company’s leadership in recent years.”


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Re: Taylor Wimpey (TW.)

#464810

Postby Bouleversee » December 10th, 2021, 4:55 pm

From The Times yesterday: "Taylor-Wimpey boss to hang up his trowel. Pete Redfern, the log-serving boss of Taylor Wimpey, has announced pans to stand down in the new year, days after reports surfaced that an activist investor was targeting the housebuilder." Apparently Elliott Management is active again and has built a small stake. Redfern says this played no role in his decision making and he had been contemplating his future for a while. However, one senior industry insider said that the timing "looks really odd. I think he has played into Elliott's hands". No successor has yet been lined up so I have to say I also thought, especially he has no other job lined up himself and just wants a break with his family, he would have delayed his departure till after the dust had settled on that one. However, he has obviously made more than enough dosh to retire in luxury and prefers not to have the hassle and responsibility. I expect a takeover would add significantly to his retirement pot. I wonder who would want to take on the leadership under the threat of takeover.

Edit: Having just read Ian's post re Elliott, one can't help thinking that Redfern has taken the huff and decided to quit because of the Elliot comments.

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Re: Taylor Wimpey (TW.)

#465578

Postby csearle » December 13th, 2021, 7:10 pm

Moderator Message:
Discussion of Taylor Wimpey's news should be carried on here. Discussion more targeted at one's personal holdings in Taylor Wimpey are best carried on here.

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Re: Taylor Wimpey (TW.)

#467956

Postby idpickering » December 22nd, 2021, 7:18 am

Agreement of voluntary undertakings with the CMA

Taylor Wimpey plc today announces that the CMA's investigation into the historical sale of leasehold properties with doubling ground rent clauses by the company is closed, following the agreement of voluntary undertakings. The cost of today's undertakings falls within the original provision Taylor Wimpey made in 2017. By entering into these undertakings there is no finding that Taylor Wimpey has infringed UK consumer law.

The undertakings, which build on the company's Ground Rent Review Assistance Scheme (GRRAS scheme) - which was launched voluntarily and proactively in 2017 - mean that all leaseholders of Taylor Wimpey-owned ten-year doubling ground rent leases, or those that have already gone through our GRRAS scheme and converted their Taylor Wimpey-owned lease to an RPI-based structure, will revert to a fixed ground rent. Taylor Wimpey is making a financial offer, as agreed with the CMA, to third party freeholders of leases that Taylor Wimpey no longer owns, to enable their leaseholders to do the same.


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Re: Taylor Wimpey (TW.)

#473674

Postby idpickering » January 17th, 2022, 7:38 am

Trading Statement

2021 performance

Throughout 2021 we experienced strong demand for our homes underpinned by continued low interest rates and good mortgage availability. The business performed very well in the year and we will report 2021 full year results in line with expectations1, with significant improvement in operating margin, as we focused on optimising sales prices, alongside increased volume, driving strong growth in operating profit * .

Total UK home completions (including joint ventures) increased by 47% to 14,087 in 2021 (2020: 9,609), which included 2,501 affordable homes (2020: 1,904) equating to 18% of total completions (2020: 20%). Our net private reservation rate for 2021 was 0.91 homes per outlet per week (2020: 0.76). Cancellation rates for the full year were at normal levels of 14% (2020: 20%). Average selling prices on private completions increased by 3% to £332k (2020: £323k), with the overall average selling price increasing to £300k (2020: £288k). We ended the year with an excellent order book valued at £2,550 million (31 December 2020: £2,684 million), excluding joint ventures, which represents 10,009 homes (31 December 2020: 10,685 homes).

With demand for our homes remaining strong, we closed sales outlets ahead of schedule and traded from an average of 225 outlets in 2021 (2020: 240). We enter 2022 with 228 outlets (31 December 2020: 239) and remain confident of growing our outlets meaningfully from H2 2022.

During 2021, house price inflation fully offset build cost inflation amidst wider industry pressure on the cost and availability of certain materials. Our national scale and strong partner relationships and agreements enabled us to effectively manage these pressures.


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Re: Taylor Wimpey (TW.)

#479047

Postby idpickering » February 7th, 2022, 7:07 am

CEO appointment

Following the announcement on 8 December 2021 that Pete Redfern will be stepping down as CEO of the company after more than 14 years of outstanding service in the role, the Board is delighted to announce that Jennie Daly has been appointed as CEO, effective from the conclusion of the Annual General Meeting on 26 April 2022.

The appointment follows a thorough recruitment and selection process, led by the Nomination and Governance Committee of the Board, that considered a long list of industry and non-industry candidates, along with extensive consultation with shareholders.

Jennie Daly is currently Group Operations Director of Taylor Wimpey and a member of the Board of Directors. In her current role, Jennie oversees Taylor Wimpey's land, planning, design, technical, sustainability, production and supply chain functions, as well as managing the Taylor Wimpey Logistics business. She has almost 30 years of experience in the housebuilding and land and planning industries, with excellent relationships across all stakeholders. Jennie joined Taylor Wimpey in 2014 from Redrow Plc where she was Managing Director of its Harrow Estates business and, prior to that, was Group Land Manager at Westbury Plc. Her early career was in local authority and council planning roles in Macclesfield and Blackpool. Jennie is also a Non Executive Director of the Peabody Trust and of the New Homes Quality Board Limited.


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Re: Taylor Wimpey (TW.)

#483963

Postby idpickering » March 3rd, 2022, 8:21 am

Full year results for the year ended 31 December 2021

Key highlights:

· Strong 2021 full year results in line with our expectations with 47% increase in UK completions including joint ventures to 14,087 (2020: 9,609), driven by good build performance and strong demand

· Improved operating profit margin to 19.3% (2020: 10.8%), with focus on optimising selling prices and strong cost control

· Final ordinary dividend of 4.44 pence per share subject to shareholder approval making total ordinary dividends for the year 8.58 pence per share (2020: 4.14 pence per share)

· Return of excess cash via a c.£150 million share buyback in 2022

· Jennie Daly, current Group Operations Director, appointed as CEO effective from 26 April 2022

And later;

Dividends

Subject to shareholder approval at the AGM scheduled for 26 April 2022 the 2021 final ordinary dividend of 4.44 pence per share will be paid on 13 May 2022 to shareholders on the register at the close of business on 1 April 2022 (2020 final dividend: 4.14 pence per share). In combination with the 2021 interim dividend of 4.14 pence per share this gives total ordinary dividends for the year of 8.58 pence per share (2020 ordinary dividend: 4.14 pence per share).

The dividend will be paid as a cash dividend, and shareholders in the United Kingdom have the option to reinvest all of their dividend under the Dividend Re-Investment Plan (DRIP), details of which are available on our website http://www.taylorwimpey.co.uk/corporate.

Our intention remains to return cash generated by the business in excess of that needed by the Group to fund land investment, all working capital, taxation and other cash requirements of the business, and once the ordinary dividend has been met.

Following the strong performance of the business during 2021, we are today announcing our intention to return excess cash of c.£150 million in 2022 through the implementation of a share buyback programme, with an initial tranche of c.£75 million expected to be completed by no later than 3 June 2022.


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Re: Taylor Wimpey (TW.)

#483974

Postby idpickering » March 3rd, 2022, 9:08 am

Share Buyback Programme

Taylor Wimpey plc (the " Company " or " Taylor Wimpey ") announces that it has instructed Citigroup Global Markets Limited ("Citi") to purchase up to £75,000,000 of the Company's shares (the "Initial Tranche") pursuant to its £150,000,000 share buyback programme announced on 3 March 2022 (the "Buyback Programme"). Citi will act as principal for the simultaneous on-sale of such shares to the Company and will make its trading decisions concerning the timing of the purchases of the Company's ordinary shares independently of the Company. Purchases of the Company's shares under the Initial Tranche will commence on 3 March 2022 and end no later than 3 June 2022. Taylor Wimpey expects to announce a second tranche to complete the Buyback Programme in due course.

The purpose of the Buyback Programme is to return excess capital to the Company's shareholders and reduce the share capital of the Company, and it is expected that the implementation of the Buyback Programme will enhance earnings per share.

To the extent permitted by law, 25 million ordinary shares purchased under the Buyback Programme will be held in treasury and the remaining shares that are purchased will be cancelled.


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Re: Taylor Wimpey (TW.)

#491870

Postby idpickering » April 5th, 2022, 3:34 pm

Fire Safety Pledge.

Pete Redfern, Chief Executive, said:

"Today we confirm that Taylor Wimpey has signed up to the Government's fire safety Pledge for Developers. Our priority has been to ensure that customers in Taylor Wimpey buildings have a solution to cladding remediation. We took early and proactive action, committing significant funding and resources to address fire safety and cladding issues on all Taylor Wimpey affected apartment buildings."

Background and additional commitments

Taylor Wimpey has contributed constructively to Government discussions on fire safety, both individually and through the Home Builders Federation (HBF).

The existing Taylor Wimpey provisions commit funding to bring all affected apartment buildings over 11 metres that we have completed in the last 20 years (from January 2021) up to current EWS1 standard, irrespective of legal ownership.

The Pledge now further extends the period to 30 years, covering all buildings constructed by Taylor Wimpey since 1992.

In addition, and aligned with the Pledge, we will reimburse any funds allocated or used for Taylor Wimpey buildings over 18 metres from the Building Safety Fund, being the fund that the sector already contributes to via the Residential Property Developer Tax.

We estimate that these additional commitments will result in a further provision of c.£80 million for Taylor Wimpey, bringing the total amounts we have provided for fire safety remediation works to c.£245 million.

We will continue to work with building owners, management companies and leaseholders and remain committed to resolving these issues as soon as possible for our customers. We will maintain a constructive dialogue with Government aimed at achieving a satisfactory resolution to remaining fire safety issues. We continue to believe this is an industry-wide issue involving many types of organisations and therefore needs an industry-wide solution.


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Re: Taylor Wimpey (TW.)

#496649

Postby idpickering » April 26th, 2022, 4:30 pm

Trading statement for the period covering 1 January 2022 to today.

UK current trading

The UK housing market remains healthy, underpinned by continued strong customer demand, low interest rates and good mortgage availability. The recent increase in interest rates, from 0.5% to 0.75%, has not impacted customer appetite and the mortgage market remains competitive, with good availability of low-cost fixed rate mortgage products.

Our net private sales rate for the year to 17 April 2022 was strong at 0.96 (2021 equivalent period: 1.00) with a cancellation rate of 14% (2021 equivalent period: 14%). We continue to see healthy levels of house price growth reflecting the strength of the market, that are offsetting labour and material cost inflation. As at 17 April 2022, our total order book value stood at approximately £2,972 million (2021 equivalent period: £2,808 million). This represents 10,957 homes (2021 equivalent period: 10,995 homes), excluding legal completions to date.

We continue to make good progress on our priorities, including improving operating profit* margin and opening new outlets to enable material volume growth in 2023. Our focus remains on delivering our operating profit margin target of 21-22% and we expect to see further progress towards this in 2022.

High-quality landbank

Our high-quality landbank continues to be a strategic differentiator for the business. At the end of March 2022, our short term landbank stood at c.87k plots (2021 equivalent period: c.82k plots) and our strategic land pipeline stood at c.145k potential plots (2021 equivalent period: c.143k plots).

Cash returns

As previously announced, we intend to pay a 2021 final ordinary dividend of 4.44 pence per share on 13 May 2022 (2020 final dividend: 4.14 pence per share), subject to shareholder approval at today's AGM, and a 2022 interim dividend of c.4.44 pence per share in November, in line with our Ordinary Dividend Policy to return c.7.5% of net assets annually, in two equal instalments. At the time of our full year results we also announced our plan to return £150 million to shareholders via a share buyback which is well underway. To date we have repurchased c.56 million shares returning c.£75 million of capital.


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Re: Taylor Wimpey (TW.)

#502594

Postby idpickering » May 25th, 2022, 7:11 am

Investor and analyst update.

Taylor Wimpey will be hosting an event for institutional investors and analysts in London today with CEO Jennie Daly, Group Finance Director Chris Carney, and further members of the senior management team.

Our presentation will set out the Group's approach to building a stronger and more resilient business which will deliver superior returns for our shareholders. It will provide an overview of our business priorities and Taylor Wimpey's potential to deliver enhanced value through our sector leading landbank and sharper operational focus.

The presentation will provide detail on the Board's strategic focus for Taylor Wimpey which comprises four key cornerstones of value for the business going forward:

1. Land: optimising value from our owned and controlled landbank and our sector leading strategic land pipeline

2. Operational excellence: building greater discipline through our business model to improve efficiency, protect value and ensure Taylor Wimpey is fit for the future

3. Sustainability: continuing to evolve and embed ESG throughout the business for the benefit of all our stakeholders

4. Capital allocation: reinforcing our clear and disciplined framework that balances investment for future value creation with sustainable annual dividends and excess cash returns for investors as appropriate through the cycle

As part of our commitment to delivering a stronger and more resilient business, we are today confirming our financial targets comprising an:

- Operating profit* margin of 21-22%; and

- Return on net operating assets** of 30%

Our dividend and capital allocation policy remains unchanged.

Trading remains in line with trends recently outlined at our Annual General Meeting on 26 April 2022. Guidance for operating margin and outlet-led volume growth is reconfirmed today.


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Re: Taylor Wimpey (TW.)

#509910

Postby idpickering » June 27th, 2022, 7:29 am

Transaction in Own Shares & End of Share Buyback.

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Re: Taylor Wimpey (TW.)

#519348

Postby idpickering » August 3rd, 2022, 7:13 am

Half year results for the period ended 3 July 2022.

Key highlights:

· Group completions excluding joint ventures: 6,790 homes (H1 2021: 7,303) slightly ahead of guidance

· Group operating profit margin increased to 20.4% (H1 2021: 19.3% ), including some benefit from planned land sales and a strong performance from joint ventures

· On track to deliver 2022 outlet openings for further growth in 2023

· Announced 2022 interim dividend of 4.62 pence per share amounting to £163 million

· Completed a £150 million share buyback in H1 2022

· Full year Group operating profit now expected to be around the top end of the current market consensus range1

And later;

The Directors have assessed the Company's performance in the current period and approved an interim dividend of 4.62
pence per share in line with the Group's dividend policy. The dividend will be paid on 18 November 2022 to all shareholders registered at the close of business on 14 October 2022. This is expected to result in a payment of c.£163 million.


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Re: Taylor Wimpey (TW.)

#545032

Postby idpickering » November 9th, 2022, 7:12 am

Trading statement.

Overview

Jennie Daly, CEO, commented:

"In a challenging economic and political backdrop we are performing well and are on track to deliver full year operating profit* in line with market expectations1.

While sales rates have been impacted by wider economic uncertainty, we continue to see good levels of customer interest in our homes and a desire to get onto or move up the housing ladder.

Taylor Wimpey is an agile business and we have been focused on operational efficiency and execution. We operate from a position of financial strength and as we continue to navigate the current macro-economic challenges, our quality landbank in customers' preferred locations positions us well. We will continue to manage the business with discipline as we seek to deliver value for all our stakeholders."

UK trading performance

We achieved a net private sales rate of 0.74 homes per outlet per week for the year to date (2021: 0.95) and 0.51 homes per outlet per week in the second half of the year to date (2021: 0.91), reflecting customer response to heightened levels of economic uncertainty.

The cancellation rate for the second half of the year to date was 24% (2021: 14%), with a year to date cancellation rate of 18% (2021:14%).

As at 6 November 2022, our current total order book excluding joint ventures stood at c.£2.6 billion (2021: c.£2.8 billion) and our order book represented 9,153 homes as at 6 November 2022 (2021: 10,643) of which 79% is exchanged.

Customer visits to our website continue to be at good levels, albeit with conversions taking longer. Where customers have locked in mortgage rates, they remain keen to complete their purchase.

In the year to date, we have operated on an average of 229 sales outlets (2021: 224), and we are currently operating from 234 outlets (2021: 217) having opened 74 new outlets in the year (2021: 64 ).

Prevailing build cost inflation remains around 9-10%.

Proactive response to changing market conditions

We have been closely monitoring the market and lead indicators, and have acted decisively and proactively to mitigate risk through the levers available to us. We have further increased cost control, increased management controls and focused our sales teams for selling in a tougher market.

With a strong land position, we can continue to be highly selective in our landbuying. A s a result, year to date approvals total c.7k plots, similar to our half year position. We will continue to operate on a highly selective basis in the land market.

As at the end of October 2022, our short term landbank stood at c.86k plots (3 July 2022: c.88k) and our strategic land pipeline stood at c.145k potential plots (3 July 2022: c.145k). This strong land position gives us options in all market conditions.

We have a strong balance sheet and are highly cash generative. Reflecting the proactive actions taken, we now expect to end the year with net cash ** of c.£800 million.

Outlook

With resilient pricing in the order book and a focus on cost discipline, we expect to deliver operating profit in line with our expectations. We expect Group volumes to be at broadly similar levels to 2021, given the uncertainty in the market. We remain on track to increase our outlet numbers at the end of the year which will provide us and our customers with increased choices and gives us the flexibility to respond quickly to changing market conditions.

Higher mortgage rates will contribute to the wider cost of living challenges affecting our customers. Despite the more challenging short term conditions, we remain confident in the long term sector fundamentals with a continued meaningful supply and demand imbalance in UK housing.

Taylor Wimpey is financially strong with an excellent, well located landbank and a highly experienced management team with a focus on protecting value while driving further operational efficiency. We remain well placed to navigate the current challenges, deliver quality homes to our customers and long term growth and value to our stakeholders.

1 As published on 7 November 2022, the Company compiled consensus expectation for full year 2022 Group operating profit including joint ventures and excluding exceptional items is c.£922 million.

* Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures.



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Re: Taylor Wimpey (TW.)

#555150

Postby idpickering » December 16th, 2022, 7:06 am

Upcoming Board changes.

Taylor Wimpey plc (the "Company") today announces that Irene Dorner will be stepping down from her role as Chair of the Board, for personal family reasons, at the conclusion of the 2023 Annual General Meeting (AGM) on Thursday 27 April 2023. Irene will stay on the Board as a Non Executive Director following the conclusion of the AGM.

She will be succeeded as Chair by Robert Noel, currently the Company's Senior Independent Director. His appointment follows a thorough search process which considered both internal and external candidates. Rob joined the Board as an independent Non Executive Director in October 2019 and subsequently became the Senior Independent Director in April 2020. He has over 30 years' experience in the property sector, including eight years as the CEO of Land Securities Group PLC. Rob is also Chair of Hammerson plc.

Lord Jitesh Gadhia, independent Non Executive Director, who led the search process, said: "On behalf of the Board, I would like to thank Irene for her outstanding contribution as Chair successfully leading the Board over the last three years. We welcome her agreement to remain on the Board, allowing us to continue to benefit from her wide experience and counsel, and wish her family the best for the future.

We are delighted to announce the appointment of Rob Noel as Chair to succeed Irene following the conclusion of the next AGM. Rob is well-respected amongst his colleagues and his familiarity with Taylor Wimpey, and long track record in the property sector, provides excellent commercial experience and continuity of leadership as we face a changing market environment. We are all looking forward to working with him in his new role."

Irene Dorner, Chair, said "It has been a privilege to serve as Chair of Taylor Wimpey plc. I would like to thank my Board colleagues, the Group Management Team and all of our employees across the business for their dedication, commitment and hard work over the last three years. I have prioritised engaging with the full range of Taylor Wimpey stakeholders during my tenure as Chair and I know this is something that Rob will continue to build on when he succeeds me."

Rob Noel commented "I am honoured to be appointed as Chair Designate of Taylor Wimpey having served on the Board for the past three years. Taylor Wimpey is a strong business with a highly experienced management team. I look forward to working with our CEO, Jennie Daly, and the wider leadership team to continue to position Taylor Wimpey for long term success."

A further update will be provided to the market in due course to confirm the other Board changes required as a result of Rob becoming the Chair at the conclusion of the 2023 AGM.


https://www.investegate.co.uk/taylor-wi ... 00049178J/

I hold PSN in the sector, but not TW..

Ian.


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