TW sees “good performance against stable backdrop”

Taylor Wimpey expects its full year completions to be towards the upper end of its previous guidance at 9,500 to 10,000.

Reporting its half year results, the firm said it welcomed the new government’s recognition that planning is a major barrier to economic growth.

In the half year, TW saw group completions (incl. JVs) of 4,728 homes (H1 2023: 5,120). Group operating profit reached £182.3 million which includes £18.6 million of profit generated from land sales (H1 2023: £235.6 million with £2.7 million of profit generated from land sales). Full year group operating profit including JVs is expected to be in line with current market expectations (£416 million excluding exceptional items).

TW has seen increased cladding fire safety provision of £88 million, taking the total provision to date to £333 million “owing largely to cost inflation on new tenders received and increased project delivery administration costs”.

Taylor Wimpey’s ceo Jennie Daly said: "We have delivered a good financial and operational performance in the first half, against a relatively stable market backdrop, reporting a good sales rate while continuing to protect value. While interest rates and mortgage rates remain high, our teams continue to work extremely hard on the …