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.