News

Taylor Wimpey Reports Lower Pretax Profit for H1 2023

1 Mins read

London-based house builder Taylor Wimpey announced its pretax profit for the first half of 2023, which ended on June 30. The company reported a profit of £237.7 million, compared to £334.5 million in the same period last year. While the decrease was mainly attributed to lower completions and build cost inflation, Taylor Wimpey remains optimistic about full-year completions.

Profit and Revenue

Taylor Wimpey’s pretax profit saw a decline owing to decreased completions and inflation. The operating profit margin dropped from 20.4% to 14.4%. The revenue also declined by 21%, falling from £2.08 billion to £1.64 billion.

Home Sales

During the first half of 2023, Taylor Wimpey sold 5,120 homes at an average selling price of £366,000. In the same period in 2022, the company sold 6,922 homes at an average price of £337,000. The net private sales rate dropped from 0.90 to 0.71 compared to the previous year.

Order Book and Dividend

As of July 2, Taylor Wimpey’s order book stood at £2.15 billion, down from £2.80 billion in the previous year. Despite the decline, the company declared an interim dividend of 4.79 pence per share, up from 4.62 pence in H1 2022.

Outlook

Taylor Wimpey expects full-year completions, excluding joint ventures, to be between 10,000 and 10,500—a range that aligns with its prior guidance but leans towards the higher end. Additionally, the company anticipates an operating profit of approximately £440 million to £470 million for the full year.

Related posts
News

California Governor Vetoes Bill Requiring Human Drivers in Self-Driving Trucks

2 Mins read
Sacramento, Calif. – California Governor Gavin Newsom has vetoed a bill that would have mandated the presence of human drivers in self-driving…
News

Your Social Security Checks are Safe

2 Mins read
Don’t worry, the impending federal government shutdown will not put your monthly Social Security checks in jeopardy. This is certainly a relief…
News

European Stocks Experience Decrease

1 Mins read
The European stock market saw a decline on Friday, with the Stoxx Europe 600 index finishing down 0.31% at 453.26. Individual Index…

Leave a Reply

Your email address will not be published. Required fields are marked *