“Record performance” for Taylor Wimpey following 19.3% profit growth

One of the UK’s largest housebuilders has delivered a ‘record’ first half performance in 2021 exceeding pre-pandemic levels.

Taylor Wimpey has reported profits of 19.3 per cent, up from losses of 2.1 per cent last year and exceeding its profits of 18 per cent in 2019.

The group, which saw construction of new homes impacted by the pandemic and subsequent business disruption, completed 7,303 homes in the first half of 2021 compared with 2,771 in H1 2020.

Pete Redfern, Taylor Wimpey chief executive, commented: “We have delivered a record first half performance and a strong operating profit margin performance of 19.3 per cent, which reflects tight cost discipline as well as higher completions in the period.

“Our focus remains on driving further improvement in our operating profit margin and accelerated outlet-driven volume growth from 2023.

“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.”

He continued: “We are progressing this land through the planning stages as expected, providing excellent momentum for growth, enhanced returns for our stakeholders and increased numbers of new homes.

“We have a clear purpose to deliver high-quality homes and create thriving communities and a strategy to ensure the long term sustainability of the business.

“We now expect to deliver 2021 full year Group operating profit of c.£820m, above the top end of consensus1, with UK completions (excluding joint ventures) expected to be towards the upper end of our guidance range of 13,200 to 14,000.”