Positive start to the year for TW

Taylor Wimpey saw a 5% increase in group completions to 16,042 including joint ventures (2018: 15,275) in 2019 as the firm revealed financial results for the year “in line with expectations”.

Revenue increased by 6.4% to £4,341.3 million (2018: £4,082.0 million) with operating profit of £850.5 million (2018: £880.2 million) - volume growth was offset by rising build costs and flat house prices, delivering an operating profit margin of 19.6% (2018: 21.6%) . Profit before tax and exceptional items was £821.6 million (2018: £856.8 million).

The group reported an “industry leading” sales rate of 0.96 (2018: 0.80), representing a record, and an increase of 20%.

Looking ahead the firms says its has made a positive start to 2020. “Coming into the spring selling season and, with a clearer political outlook, customer confidence has improved.”

The net private sales rate for the year to date (w/e 23 February 2020) was 0.97 (2019: 0.99).

Pete Redfern, Taylor Wimpey ceo, said: "The group delivered a good performance in 2019, with a record sales rate and home completions increasing by 5%. During the year, we continued to strengthen our business and build a sustainable advantage, improving our core customer proposition and …