TW reveals Covid impact

Taylor Wimpey completed 2,771 homes in the first half of the year, down from 6,541 in the same period last year as the firm revealed the impact of Covid-19 on the business.

The firm’s half year results show that revenue was down 56% to £754.6 million and it made a £39.8 million loss before tax in the period. TW incurred almost £40 million of costs directly relating to the Covid-19 pandemic including £29.9 million of site overhead costs incurred during the period that sites and sales centres were closed.

However TW reports positive sales momentum and customer interest and a “strong” total order book 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.

First half net private sales rate stood at 0.70 (H1 2019: 1.00) – this was 0.97 prior to shutdown, and reduced to 0.30 during the shutdown. Sales prices during shutdown stayed consistent with those achieved in the first quarter of the year, the firm said.

Taylor Wimpey ceo Pete Redfern said: "I am pleased with Taylor Wimpey's performance during a very challenging time and am proud of the resilience, principled approach and …