Taylor Wimpey Trading Statement
Posted: January 11th, 2017, 9:22 am
Overview
Pete Redfern, Chief Executive, commented:
"We are pleased to report good progress in 2016, with an increase in housing completions and robust trading despite wider macroeconomic uncertainty. In a market characterised by solid fundamentals, we ended the year with a strong forward order book and made good progress against our enhanced medium term targets. We expect to deliver full year profitability at the upper end of market consensus†. Looking ahead, we remain confident that our disciplined strategy will enable us to continue to deliver value over the long term."
UK current trading
Against the backdrop of a stable housing market in 2016, we continued to see good demand and solid trading into the second half of the year, despite wider macroeconomic uncertainty. Customers continue to benefit from a wide range of mortgage products and low interest rates with customer confidence remaining robust. We have continued to make good progress towards each of our enhanced medium term targets during 2016.
In 2016 total home completions increased by 4% to 13,881, including our share of joint venture completions (2015: 13,341). During 2016 we delivered 2,663 affordable homes (2015: 2,509), equating to 19% of total completions (2015: 19%). Our net private reservation rate for 2016 was 0.72 homes per outlet per week (2015: 0.73). Cancellation rates remained low at 13% (2015: 12%). The mix impact of better quality locations continued to have a positive impact with average selling prices on private completions increasing by 13% to £286k (2015: £254k). Our overall average selling price increased by 11% to £255k (2015: £230k).
We ended 2016 with a year end order book valued at £1,682 million as at 31 December 2016 (31 December 2015: £1,779 million), excluding joint ventures, with a small fall in the average selling price largely due to a number of high value Central London completions in December 2016. This order book represents 7,567 homes (31 December 2015: 7,484 homes). We enter 2017 with 285 outlets (31 December 2015: 297)."
Full item here;
http://www.investegate.co.uk/taylor-wim ... 00078445T/
disc - I hold.
Pete Redfern, Chief Executive, commented:
"We are pleased to report good progress in 2016, with an increase in housing completions and robust trading despite wider macroeconomic uncertainty. In a market characterised by solid fundamentals, we ended the year with a strong forward order book and made good progress against our enhanced medium term targets. We expect to deliver full year profitability at the upper end of market consensus†. Looking ahead, we remain confident that our disciplined strategy will enable us to continue to deliver value over the long term."
UK current trading
Against the backdrop of a stable housing market in 2016, we continued to see good demand and solid trading into the second half of the year, despite wider macroeconomic uncertainty. Customers continue to benefit from a wide range of mortgage products and low interest rates with customer confidence remaining robust. We have continued to make good progress towards each of our enhanced medium term targets during 2016.
In 2016 total home completions increased by 4% to 13,881, including our share of joint venture completions (2015: 13,341). During 2016 we delivered 2,663 affordable homes (2015: 2,509), equating to 19% of total completions (2015: 19%). Our net private reservation rate for 2016 was 0.72 homes per outlet per week (2015: 0.73). Cancellation rates remained low at 13% (2015: 12%). The mix impact of better quality locations continued to have a positive impact with average selling prices on private completions increasing by 13% to £286k (2015: £254k). Our overall average selling price increased by 11% to £255k (2015: £230k).
We ended 2016 with a year end order book valued at £1,682 million as at 31 December 2016 (31 December 2015: £1,779 million), excluding joint ventures, with a small fall in the average selling price largely due to a number of high value Central London completions in December 2016. This order book represents 7,567 homes (31 December 2015: 7,484 homes). We enter 2017 with 285 outlets (31 December 2015: 297)."
Full item here;
http://www.investegate.co.uk/taylor-wim ... 00078445T/
disc - I hold.
