Housebuilder Taylor Wimpey has had a “record” first half year performance, expecting to complete on 13,200-14,000 homes by the end of the full year. The half year results showed that Taylor Wimpey completed 7,303 homes, compared to the previous year results of 2,771.
Alongside this, they achieved an operating profit margin of 19.3% in comparison to 2.1% in 2020. This was due to a “tight cost discipline” and a higher level of completions.
Net private sales rate was 0.97 homes per outlet per week, private average selling prices rose to £327,000 and revenue increased from £754.6m in 2020 to £2,196.3m in 2021. Last year, Taylor Wimpey reported a pre-tax profit loss of £39.8m in 2020 but have now achieved a pre-tax profit of £287.5m.
Taylor Wimpey’s order book value was £2,712m which equates to 10,589 homes and they expect full year operating profit to be around £820m.
Pete Redfern, Taylor Wimpey’s ceo, said: “We have delivered a record first half performance and a strong operating profit margin performance of 19.3%, which reflects tight cost discipline as well as higher completions in the period.
“Backed by last year’s equity raise we stepped up our activity in the land market before competition returned and we successfully increased our land pipeline with high-quality sites that will deliver a strong financial performance.”