UK operational highlights:
· Group completions of 2,771 homes (H1 2019: 6,541) excluding joint ventures, impacted by site closure during Q2 2020
· Positive sales momentum and customer interest:
o H1 2020 net private sales rate of 0.70 (H1 2019: 1.00). Sales rate of 0.97 prior to shutdown, which reduced to 0.30 during the shutdown
o Sales prices during shutdown consistent with those achieved in Q1 2020
o Outlets increased to 252 at period end (H1 2019 period end: 246 outlets)
o Strong total order book as at 28 June 2020 representing 11,686 homes (30 June 2019: 10,137 homes), up 15%, with a value of £2,904 million (30 June 2019: £2,366 million), up 23%, excluding joint ventures
· NHS and care workers discount scheme well received with 1,206 homes reserved at w/e 26 July 2020
· All of our employees have returned to work from furlough and we have returned all furlough subsidies to Government
· Improved average Construction Quality Review score to 4.31, in the top quartile of large homebuilders (H1 2019: 4.05)
· 4 out of 5 star rating on Trustpilot and over 90% of customers would recommend us in H1 2020, according to the Home Builders Federation 8-week customer survey
· Successful equity raise, raising net proceeds of c.£510 million for investment in attractive land opportunities
And later;
Dividends
In order to conserve cash and increase flexibility at the outset of the pandemic we took the decision to cancel the 2020 final dividend of 3.80 pence per share (c.£125 million) which was due to be paid on 15 May 2020, and the planned special dividend payment of 10.99 pence per share (c.£360 million), which was due to be paid on 10 July 2020. Although our Ordinary Dividend Policy has been the subject of prudent and comprehensive stress testing against various downside scenarios, including a 20% reduction in prices and a 30% reduction in volumes, and is payable through a normal downturn, the COVID-19 pandemic represents a highly unusual set of circumstances. We expect to resume the payment of an ordinary dividend in 2021 (2020 final) and will review the special dividend in 2021 for payment in 2022.
https://www.investegate.co.uk/taylor-wi ... 00073965U/