Housebuilder expects operating profit to be around 拢820m this year

Taylor Wimpey has upgraded its profit expectations for the year following a surge in completions in the first six months.

The housebuilder said it now expects operating profit for the year to be around 拢820m, exceeding the 拢756m to 拢808m range it had previously stated.

The group completed 7,303 homes in the first half of this year, a 160% increase on the 2,771 recorded in the same period last time 鈥� when numbers were affected by the impact of the first covid-19 lockdown last March 鈥� and above pre-pandemic figures.

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The number of homes built in the first half hit a record

Taylor Wimpey now expects to complete around 14,000 homes in the year, which is at the upper end of previous expectations.

It added that the record number of completions in the first half was down to the strength of the housing market and delayed completions from the end of last year.

The group鈥檚 profit margin for the half year was 19.3%, exceeding the 2.1% recorded for the same period last year and the 18% posted in the same period in 2019.

Pre-tax profit during the period was 拢287.5m, after an exceptional charge of 拢125m for fixing fire safety defects.

Revenue was 拢2.2bn, up from the 拢754m recorded in the same period last year and the 拢1.73bn recorded in the first half of 2019.

The group鈥檚 order book stands at 拢2.71bn, representing 10,589 homes, excluding joint ventures.

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