Group operating profit expected to be at the top end of our guidance range
Jennie Daly, CEO, commented:
"We are pleased to have delivered a full year performance in line with expectations and expect to report full year operating profit* at the top end of our guidance range. Despite the difficult market conditions throughout the year, we maintained a sharp operational focus and delivered a good performance.
Looking ahead, it is encouraging to see a reduction in mortgage rates, however, in the short term the market remains uncertain and the planning backdrop extremely challenging.
Taylor Wimpey is a strong and agile business underpinned by a robust balance sheet and an excellent, well-located landbank. These attributes enable us to manage the business in all market conditions, delivering quality homes to our customers and long term value to our stakeholders. We remain confident in the attractive medium and long term fundamentals of the sector."
2023 performance
Total Group completions (including joint ventures) were 10,848 (2022: 14,154). UK home completions (including joint ventures) were 10,438† (2022: 13,773), which included 2,388 affordable homes (2022: 2,920) equating to 23% of total completions (2022: 21%). Our net private reservation rate for 2023 was 0.62 homes per outlet per week (2022: 0.68). Excluding the impact of bulk deals, the net private sales rate was 0.54 (2022: 0.65). The cancellation rate for the full year was 18% (2022: 18%).
UK average selling prices on private completions increased by 5.1% to £370k (2022: £352k) with the overall average selling price increasing by 3.5% to £324k (2022: £313k). We ended the year with a lower order book valued at £1,772 million (31 December 2022: £1,941 million), excluding joint ventures, which represents 6,999 homes (31 December 2022: 7,499 homes), of which 2,565 are private (2022: 2,943) and 4,434 are affordable (2022: 4,556).
In the UK, we traded from an average of 238 outlets in 2023 (2022: 232) and ended the year with a total of 237 outlets (31 December 2022: 259).
We continue to expect full year Group operating profit to be at the top end of our guidance range of £440 million to £470 million.
https://www.investegate.co.uk/announcem ... nt/7984408
Also posted on Company News here; viewtopic.php?p=639555#p639555
I hold TW. in my HYP and know others hereabouts do too, so this may be of interest here.
Ian.