Taylor Wimpey remains upbeat despite fall in orders
Housebuilder Taylor Wimpey said the housing market remains uncertain in the near term and it enters the new year with a reduced order book.
The FTSE 100 company said its full year operating profit should be at the top end of its guidance range of £440 million to £470m but had refrained from providing home-build targets.
Total Group completions (including joint ventures) fell to 10,848 (2022: 14,154). UK home completions (including joint ventures) were 10,438, down from 13,773, which included 2,388 affordable homes (2022: 2,920) equating to 23% of total completions (2022: 21%).
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.”