TW’s 2023 profit at “top end” of expectations

Taylor Wimpey’s group operating profit for its full year will now be at the “top end” of its guidance range of £440 million to £470 million, it said today (November 9).

Issuing a trading update on its performance since its half year, the volume housebuilder said its focus on optimising price and “sharp cost discipline” had led to this expectation, although “significant market uncertainty” lay ahead.

“This performance is testament to the hard work of our experienced teams, who have continued to adapt and support customers through their buying journey while being focused on delivering efficiencies across the business,” said Taylor Wimpey’s ceo Jennie Daly.

Taylor Wimpey’s operating profit range for this year compares to the £923.4 million of 2022.

The housebuilder noted that the market continued to be affected by weak consumer confidence driven by high mortgage rates and cost-of-living pressures, with the market backdrop “remaining uncertain”.

During the second half of its year to date, Taylor Wimpey’s net private sales rate per outlet per week was 0.51, the same as the equivalent period last year. But excluding bulk deals, this fell slightly to 0.48 (2022: 0.50).

For the year to date, it said …