Taylor Wimpey meets forecasts despite lockdown

Thu, 14th Jan 2021

Taylor Wimpey said total UK home completions fell by 39% to 9,609 in 2020, due primarily to the impact on production capacity during the second quarter shutdown. Despite this, the company said trading was in line with market expectations. The company expects operating profit for 2020 to be £293 million. Cancellation rates for the full year were above normal levels at 20%, but normalised in the final quarter to 16%. Taylor Wimpey ended the year with a total order book valued at £2.6 billion, up from £2.1 billion the previous year. Chief executive Pete Redfern said: ‘While operations were impacted by the shutdown period in the second quarter, the subsequent return to near normal construction capacity and continuing resilience of the UK housing market enabled sales and production to recover strongly towards the end of the year. ‘We increased new investment in land in the second half of the year as high quality land became available at attractive margins.Â’ Story provided by StockMarketWire.com

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