Taylor Wimpey (TW.)

[idpickering]

Trading statement for the year ended 31 December 2022.

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).

[AsleepInYorkshire]

Trading statement for the year ended 31 December 2022.

https://www.investegate.co.uk/taylor-wi ... 00036028M/

Ian (No position).

Ian,

A big shout out for taking the time to drop this link in on TLF, especially as you have no position.

Thank you

AiY(D)

[idpickering]

Trading statement for the year ended 31 December 2022.

https://www.investegate.co.uk/taylor-wi ... 00036028M/

Ian (No position).

Ian,

A big shout out for taking the time to drop this link in on TLF, especially as you have no position.

Thank you

AiY(D)

Thanks for your kind comment. For me, I like to try and keep people up to date, and hopefully generate some chat.

Ian.

[AsleepInYorkshire]

Trading statement for the year ended 31 December 2022.

https://www.investegate.co.uk/taylor-wi ... 00036028M/

Ian (No position).

Ian,

A big shout out for taking the time to drop this link in on TLF, especially as you have no position.

Thank you

AiY(D)

Thanks for your kind comment. For me, I like to try and keep people up to date, and hopefully generate some chat.

Ian.

Hear hear. We've got visitors today. Tomorrow we're taking our daughter shopping for a new computer game, walking the dogs and tidying up.

I quite enjoy talking about house builders. If I can find time I'll pop back for a natter about TW.

AiY(D)

[idpickering]

Full year results for the year ended 31 December 2022.

Jennie Daly, Chief Executive, commented:

"We have delivered a strong financial and operational performance in 2022 with full year operating profit in line with expectations. We are particularly pleased to have delivered a strong operating profit margin as a result of tight operational controls and price discipline."

"In a year marked by two distinct halves, we acted quickly and decisively to address rapidly changing market conditions in the second half of the year and continued to focus on operational excellence and efficiency. While the weaker economic backdrop continues to impact the near-term outlook, customer interest in our homes remains good and, whilst it is still early in the year, trading has shown some signs of improvement compared to Q4 2022."

"Looking forward, we have a strong proposition that is clearly recognised and valued by our customers, supported by our sharp operational focus and highly experienced teams. We have a high-quality, well located landbank and a strong financial position which underpins our Ordinary Dividend Policy of paying out 7.5% of net assets, or at least £250 million, annually throughout the cycle."

Operational Highlights:

· Group completions (including JVs) of 14,154 (2021: 14,302)

· Net sales rate for the year of 0.68 homes per outlet per week (2021: 0.91)

· UK average selling prices on private completions up 6% to £352k (2021: £332k) with the overall average selling price up 4% to £313k (2021: £300k)

· Proactive and early response to changing market conditions from H2 2022: reduced land spend, tightened control of work in progress (WIP) and cost action announced in January 2023 expected to generate annualised savings of c.£20 million with a c.£8 million one-off cost to implement

· Delivered planned increase in outlets to total of 259 (31 December 2021: 228), providing flexibility and choice in the year ahead

· Establishing a new timber frame facility in Peterborough in 2023 to drive efficiencies and security of supply

And later;

Dividends

Subject to shareholder approval at the AGM scheduled for 27 April 2023 the 2022 final ordinary dividend of 4.78 pence per share will be paid on 12 May 2023 to shareholders on the register at the close of business on 31 March 2023 (2021 final dividend: 4.44 pence per share). In combination with the 2022 interim dividend of 4.62 pence per share this gives total ordinary dividends for the year of 9.40 pence per share (2021 ordinary dividend: 8.58 pence per share). In addition, the Group returned £150.0 million in capital by way of a share buyback in the year, buying back 116,942,362 ordinary shares, of which 25,000,000 have been retained in Treasury with the remainder cancelled.

The dividend will be paid as a cash dividend, and shareholders 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 .

https://www.investegate.co.uk/taylor-wi ... 00066061R/

Ian.

[idpickering]

Notice of Annual General Meeting and upcoming Board changes.

https://www.investegate.co.uk/taylor-wi ... 40549076T/

Ian.

[idpickering]

Trading statement for the period covering 1 January 2023 to today.

Signs of improving customer confidence, full year 2023 guidance reiterated

Taylor Wimpey plc is holding its Annual General Meeting (AGM) today at 10:30am at the Crowne Plaza Hotel in Gerrards Cross, where the following comments will be made regarding current trading, financial performance, and outlook for the financial year.

Jennie Daly, Chief Executive, commented:

"We have seen continued recovery in demand from the low levels experienced towards the end of 2022, supported by good mortgage availability, and have seen an incremental improvement in sales rate as the Spring selling season has progressed. While we remain cautious of continued macroeconomic uncertainty, Taylor Wimpey is a strong and agile business differentiated by our high-quality landbank and experienced teams who have a sharp focus on operational discipline."

"On behalf of the wider management team, I would like to also take this opportunity to thank Irene Dorner who today steps down as Chair. We look forward to welcoming Robert Noel into the role, who brings with him more than 30 years' experience in the property sector."

UK current trading

As the seasonally strong Spring selling season has progressed, we have seen an increase in the overall year to date sales rate compared to that announced on 2 March and pricing has remained resilient.

Whilst challenges remain for our customers, particularly first time buyers, targeted marketing spend has enabled us to maintain customer interest at healthy levels. There is a continued commitment by mortgage providers to lend with good levels of product availability and with rates reduced from the highs of Q4 2022. We continue to focus on addressing the needs of our customers, evolving our offering and prioritising improvements in customer service leveraging our customer relationship management system.

Our net private sales rate for the year to 23 April 2023 was 0.75 (2022: 0.97), with a cancellation rate of 15% (2022: 14%). Sales in the period include planned bulk deals and, excluding bulk deals, our net private sales rate for the year to 23 April 2023 was 0.66. As at 23 April 2023, our total order book value stood at £2,379 million (2022: £3,027 million). This represents 8,576 homes (2022: 11,119 homes).

Prevailing annualised build cost inflation remains high but is beginning to moderate from the 9-10% we reported in March, a trend we expect to continue as the year progresses.

https://www.investegate.co.uk/taylor-wi ... 00066119X/

Ian (I hold).

[idpickering]

Trading statement for the period covering 1 January 2023 to today.

Signs of improving customer confidence, full year 2023 guidance reiterated

Taylor Wimpey plc is holding its Annual General Meeting (AGM) today at 10:30am at the Crowne Plaza Hotel in Gerrards Cross, where the following comments will be made regarding current trading, financial performance, and outlook for the financial year.

Jennie Daly, Chief Executive, commented:

"We have seen continued recovery in demand from the low levels experienced towards the end of 2022, supported by good mortgage availability, and have seen an incremental improvement in sales rate as the Spring selling season has progressed. While we remain cautious of continued macroeconomic uncertainty, Taylor Wimpey is a strong and agile business differentiated by our high-quality landbank and experienced teams who have a sharp focus on operational discipline."

"On behalf of the wider management team, I would like to also take this opportunity to thank Irene Dorner who today steps down as Chair. We look forward to welcoming Robert Noel into the role, who brings with him more than 30 years' experience in the property sector."

UK current trading

As the seasonally strong Spring selling season has progressed, we have seen an increase in the overall year to date sales rate compared to that announced on 2 March and pricing has remained resilient.

Whilst challenges remain for our customers, particularly first time buyers, targeted marketing spend has enabled us to maintain customer interest at healthy levels. There is a continued commitment by mortgage providers to lend with good levels of product availability and with rates reduced from the highs of Q4 2022. We continue to focus on addressing the needs of our customers, evolving our offering and prioritising improvements in customer service leveraging our customer relationship management system.

Our net private sales rate for the year to 23 April 2023 was 0.75 (2022: 0.97), with a cancellation rate of 15% (2022: 14%). Sales in the period include planned bulk deals and, excluding bulk deals, our net private sales rate for the year to 23 April 2023 was 0.66. As at 23 April 2023, our total order book value stood at £2,379 million (2022: £3,027 million). This represents 8,576 homes (2022: 11,119 homes).

Prevailing annualised build cost inflation remains high but is beginning to moderate from the 9-10% we reported in March, a trend we expect to continue as the year progresses.

https://www.investegate.co.uk/taylor-wi ... 00066119X/

Ian (I hold).

[idpickering]

Results of the 2023 Annual General Meeting.

https://www.investegate.co.uk/taylor-wi ... 00187571X/

Ian.

[idpickering]

Zero carbon ready homes trial visit.

Taylor Wimpey will be hosting a visit for institutional investors and analysts to view our recently launched flagship zero carbon ready homes trial at our Chilton Woods development in Sudbury, Suffolk.

This is the industry's first research concept testing low carbon technologies through multi-specification prototype homes on a live development site. The prototype homes will help identify new ways to increase the energy efficiency of our homes as well as identify the challenges that will need to be overcome to do so at scale.

The innovative trial seeks to demonstrate how the industry can deliver homes compliant with the incoming Future Home Standard (FHS) through varying combinations of technologies and enhanced building fabric. As part of the trial, Taylor Wimpey is challenging itself as well as its supply chain partners, and working closely with engineers and energy experts to introduce the most cutting-edge products into the homes to meet the requirements of FHS. The homes have been expertly designed to ensure that the new technologies work seamlessly for customers' living requirements.

The launch is a major milestone following the recent publication of Taylor Wimpey's Net Zero Transition Plan, which will ensure Taylor Wimpey reaches net zero five years ahead of the government's target.

The visit will include a presentation in our information centre by Taylor Wimpey senior management, followed by a tour of the prototype homes.

No material financial or other material information will be shared during the visit.

https://www.investegate.co.uk/announcem ... it/7596391

Ian (I hold).

[idpickering]

Half year results 2023.

Key highlights:

· Group completions of 5,120 homes (H1 2022: 6,922)

· Group operating profit margin of 14.4% (H1 2022: 20.4%), reflecting a lower level of completions and the impact of build cost inflation which was not fully offset by house price inflation for the period

· Announced 2023 interim dividend of 4.79 pence per share (H1 2022: 4.62 pence per share) amounting to £169 million (H1 2022: £163 million), in line with our stated Ordinary Dividend Policy to return 7.5% of net assets annually

· Full year UK completions excluding JVs now expected to be in the range of 10,000 to 10,500, at the upper end of our previous guidance with full year Group operating profit including JVs expected to be between £440 million and £470 million

· Ended the period with net cash of £654.9 million (H1 2022: £642.4 million)

· Renewed revolving credit facility in July 2023, increasing it to £600 million and extending maturity to July 2028. The new facility includes sustainability linked performance measures

First half UK operational highlights:

· Delivered a net private sales rate of 0.71 (H1 2022: 0.90) for the first half, which was 0.62 excluding bulk deals (H1 2022: 0.88)

· Total order book representing 7,866 homes, excluding joint ventures, with a value of £2,147 million as at 2 July 2023 (3 July 2022: 10,102 homes with a value of £2,800 million)

· Total UK average selling price increased by 6.7% to £320k (H1 2022: £300k), reflecting house price growth and positive mix impacts

· Operated from 244 average outlets during the period (H1 2022: 228) and ended the period with 235 outlets (H1 2022: 233)

· Short term landbank as at 2 July 2023 of c.83k plots (31 December 2022: c.83k plots) in high-quality locations where customers want to live

· Strategic land pipeline of c.140k potential plots (31 December 2022: c.144k potential plots)

· Further improved quality with average Construction Quality Review score of 4.90 (H1 2022: 4.77)

And later;

Dividend;

The Directors have assessed the Company's performance in the current period and approved an interim dividend of 4.79
pence per share in line with the Group's dividend policy. The dividend will be paid on 17 November 2023 to all shareholders registered at the close of business on 13 October 2023. This is expected to result in a payment of c.£169 million.

https://www.investegate.co.uk/announcem ... 23/7669975

Ian (I hold).

[kempiejon]

https://www.taylorwimpey.co.uk/corporat ... nstalments.
Our Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will be at least £250 million per annum, in two equal instalments.

[seagles]

Received following from Simply Wall street.

Taylor Wimpey
TW.
Share Price 7 Day 1 Year
1.12 -5.6% 20.7%

Upcoming dividend of UK£0.048 per share at 8.5% yield
Eligible shareholders must have bought the stock before 12 October 2023.

Payment date: 17 November 2023.
Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating.
Trailing yield: 8.5%.
Within top quartile of British dividend payers (6.5%).
Higher than average of industry peers (6.0%).

[monabri]

Received following from Simply Wall street.

Taylor Wimpey
TW.
Share Price 7 Day 1 Year
1.12 -5.6% 20.7%

Upcoming dividend of UK£0.048 per share at 8.5% yield
Eligible shareholders must have bought the stock before 12 October 2023.

Payment date: 17 November 2023.
Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating.
Trailing yield: 8.5%.
Within top quartile of British dividend payers (6.5%).
Higher than average of industry peers (6.0%).

From Simply Wall Street...Free Cash Flow. FCF September 2023 of £191m increasing ( forecast) to £224m by 2026.

SWS indicates 3.53bn shares and the trailing 12 month dividend is 9.57p (https://www.dividenddata.co.uk/dividend ... py?epic=TW. )

Cost of current annual dividend = £0.0957 x 3.53bn = £337m...

Cost of dividend is higher than the forecasted free cash flow.

Current debt is £85m ...about 2% of current equity. ( ie very low)...so, they may chose to cover the "gap" via debt hoping for a reduction in base rates and a chance to flog houses at high margins. I don't hold and so I don't know if the dividend policy allows this?

Edit . https://www.taylorwimpey.co.uk/corporat ... e/dividend

"Our Dividend Policy, as an output of our strategy, is inherently linked to the cyclical market in which we operate. We continue to believe that our Dividend Policy should comprise a dividend to be paid throughout all stages of the housing cycle and additional significant surplus cash returns to be made at appropriate times in the cycle.

Our Ordinary Dividend Policy is to return c.7.5% of net assets to shareholders annually, which will be at least £250 million per annum, in two equal instalments."

Well...it does say "at least" but £250m versus current £337m suggests scope for a possible cut.

[simoan]

Current debt is £85m ...about 2% of current equity. ( ie very low)...so, they may chose to cover the "gap" via debt hoping for a reduction in base rates and a chance to flog houses at high margins. I don't hold and so I don't know if the dividend policy allows this?

This is not true and shows you shouldn't rely on free websites for such important information. As of 2nd July, as reported in the interim results on 2nd August the company stated:

"We ended the period with net cash of £654.9 million (H1 2022: £642.4 million), after returning £168.8 million in cash to investors by way of dividend."

So even after returning £168.8 m in dividends they have had positive cashflow compared to the same time last year because net cash increased, albeit by only £12.5m. Any predictions of future cashflow are just pie in the sky and should be ignored.

All the best, Si

[idpickering]

Trading Statement.

Jennie Daly, CEO, commented:

"Taylor Wimpey has delivered a resilient performance in what continues to be a challenging market backdrop, reporting a robust sales rate and strong financial position, and reiterating our full year 2023 UK volume guidance in the range of 10,000 to 10,500 homes. Due to our focus on optimising price and sharp cost discipline, we now expect Group operating profit* to be at the top end of our guidance range of £440 million to £470 million. This performance is testament to the hard work of our experienced teams, who have continued to adapt and support customers through their buying journey while being focused on delivering efficiencies across the business.

Taylor Wimpey is a strong, sustainable and agile business underpinned by a robust balance sheet and an excellent well-located landbank. These attributes ensure we are well positioned to manage the business and optimise performance in all market conditions, delivering quality homes to our customers and long term growth and value to our stakeholders.

Looking ahead, while the market backdrop remains uncertain, we are confident in the medium to long term sector fundamentals, with a meaningful supply and demand imbalance in UK housing."

https://www.investegate.co.uk/announcem ... nt/7869793

Ian (I hold).

[idpickering]

Trading Statement

Group operating profit expected to be at the top end of our guidance range

Jennie Daly, CEO, commented:

"We are pleased to have delivered a full year performance in line with expectations and expect to report full year operating profit* at the top end of our guidance range. Despite the difficult market conditions throughout the year, we maintained a sharp operational focus and delivered a good performance.

Looking ahead, it is encouraging to see a reduction in mortgage rates, however, in the short term the market remains uncertain and the planning backdrop extremely challenging.

Taylor Wimpey is a strong and agile business underpinned by a robust balance sheet and an excellent, well-located landbank. These attributes enable us to manage the business in all market conditions, delivering quality homes to our customers and long term value to our stakeholders. We remain confident in the attractive medium and long term fundamentals of the sector."

2023 performance

Total Group completions (including joint ventures) were 10,848 (2022: 14,154). UK home completions (including joint ventures) were 10,438† (2022: 13,773), which included 2,388 affordable homes (2022: 2,920) equating to 23% of total completions (2022: 21%). Our net private reservation rate for 2023 was 0.62 homes per outlet per week (2022: 0.68). Excluding the impact of bulk deals, the net private sales rate was 0.54 (2022: 0.65). The cancellation rate for the full year was 18% (2022: 18%).

UK average selling prices on private completions increased by 5.1% to £370k (2022: £352k) with the overall average selling price increasing by 3.5% to £324k (2022: £313k). We ended the year with a lower order book valued at £1,772 million (31 December 2022: £1,941 million), excluding joint ventures, which represents 6,999 homes (31 December 2022: 7,499 homes), of which 2,565 are private (2022: 2,943) and 4,434 are affordable (2022: 4,556).

In the UK, we traded from an average of 238 outlets in 2023 (2022: 232) and ended the year with a total of 237 outlets (31 December 2022: 259).

We continue to expect full year Group operating profit to be at the top end of our guidance range of £440 million to £470 million.

https://www.investegate.co.uk/announcem ... nt/7984408

Ian (I hold).

[idpickering]

TW. are down 1.6% currently, along with other shares in the sector. This might be due to this;

CMA finds fundamental concerns in housebuilding market

The CMA has concluded its housebuilding market study in England, Scotland, and Wales.

The Competition and Markets Authority (CMA) has published its final report on the housebuilding market in Great Britain – finding that the complex and unpredictable planning system, together with the limitations of speculative private development, is responsible for the persistent under delivery of new homes.

The study also found substantial concerns about estate management charges – with homeowners often facing high and unclear charges for the management of facilities such as roads, drainage, and green spaces. Concerns have been found, too, with the quality of some new housing after the number of owners reporting snagging issues increased over the last 10 years.

https://www.gov.uk/government/news/cma- ... ing-market

The dip in the TW.' SP doen't bother me to be honest.

Ian.

[idpickering]

Full year results for the year ended 31 December 2023

Jennie Daly, Chief Executive, commented:

"We delivered a good full year performance in line with expectations despite a challenging market, benefiting from our sharp operational focus, the quality of our homes and locations and a continued proactive sales effort. I would like to thank all our teams and supply chain partners for their ongoing hard work and commitment.

It is still early in the year and the macroeconomic backdrop remains uncertain, however it is encouraging to see some signs of improvement in the market, with reduced mortgage rates positively impacting affordability and customer confidence.

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."

And later;

Dividends

The Directors recommend a final dividend for the year ended 31 December 2023 of 4.79 pence per share (2022: 4.78 pence per share) subject to shareholder approval at the Annual General Meeting, with an equivalent final dividend charge of c.£169 million based on the number of shares in issue at the end of the year (2022: £168.8 million). The final dividend will be paid on 10 May 2024 to all shareholders registered at the close of business on 2 April 2024.

https://www.investegate.co.uk/announcem ... ts/8059683

Ian (I hold).

[idpickering]

Annual Report and Accounts 2023 incorporating the Notice of the 2024 Annual General Meeting

We are pleased to publish our Annual Report and Accounts 2023, incorporating the Notice of the 2024 Annual General Meeting (AGM) which will be held in the Gerrards Suite at the Crowne Plaza Gerrards Cross, Oxford Road, Beaconsfield, HP9 2XE on Tuesday 23 April 2024 at 10:30am.

In compliance with Listing Rule 9.6.1, the following documents have today been submitted to the UK Listing Authority, and will shortly be available for inspection via the National Storage Mechanism

https://www.investegate.co.uk/announcem ... gm/8098409

Ian.