Jennie Daly, CEO, commented:
"The business performed well in 2022, as our tight operational controls and price discipline led to an improved operating margin *† . Despite the economic and political backdrop through the second half, I am pleased that we expect to report full year operating profit * in line with expectations1."
"As previously reported, we have acted quickly and decisively to address changing market conditions and continue our efforts to maximise efficiency."
"Taylor Wimpey is a strong and agile business benefitting from a high quality and well located landbank, a strong balance sheet and unwavering focus on operational execution as we continue to manage the business with discipline to deliver value for all our stakeholders. Despite near term uncertainty we remain confident that the medium to long term fundamentals of our business remain highly attractive."
2022 performance
The business performed well in 2022 due to our tight operational controls and selling price discipline leading to an improved operating margin. As guided in November, Group completions for the full year were broadly in line with the prior year and we expect to report 2022 full year operating profit in line with expectations.
Total Group completions (including joint ventures) were 14,154 (2021: 14,302). UK home completions (including joint ventures) were 13,773 (2021: 14,087), which included 2,920 affordable homes (2021: 2,501) equating to 21% of total completions (2021: 18%). Our net private reservation rate for 2022 was 0.68 homes per outlet per week (2021: 0.91). The cancellation rate for the full year was 18% (2021: 14%). In the second half of 2022 our net private reservation rate was 0.48 homes per outlet per week (2021: 0.85) and the cancellation rate was 23% (2021: 14%).
UK average selling prices on private completions increased by 6% to £352k (2021: £332k) with the overall average selling price increasing by 4% to £313k (2021: £300k). We ended the year with an order book valued at £1,941 million (31 December 2021: £2,550 million), excluding joint ventures, which represents 7,499 homes (31 December 2021: 10,009 homes).
In the UK, we traded from an average of 232 outlets in 2022 (2021: 225). As guided, we increased our total number of outlets to end the year with 259 (31 December 2021: 228).
https://www.investegate.co.uk/taylor-wi ... 00036028M/
Ian (No position).