9th Nov 2022 09:01
(Alliance News) - Taylor Wimpey PLC on Wednesday affirmed its annual guidance, but said its net private sales rate has weakened in the face of "heightened levels of economic uncertainty".
The Buckinghamshire-based housebuilder reported its year-to-date net private sales rate has fallen annually to 0.74 homes per outlet per week, from 0.95.
"While sales rates have been impacted by wider economic uncertainty, we continue to see good levels of customer interest in our homes and a desire to get onto or move up the housing ladder," Chief Executive Jennie Daly said.
The company said it aims to deliver operating profit in line with its own expectations via pricing and a focus on cost discipline.
Volumes for 2022 are expected to be at "broadly similar levels to 2021" amid market uncertainty. The company added: "Higher mortgage rates will contribute to the wider cost of living challenges affecting our customers. Despite the more challenging short-term conditions, we remain confident in the long-term sector fundamentals with a continued meaningful supply and demand imbalance in UK housing."
The firm added that it is in a good position to deal with current challenges and to deliver long-term growth and value.
Taylor Wimpey expects annual operating profit in line with market expectations of GBP922 million. It achieved operating profit of GBP828.6 million in 2021.
Taylor Wimpey shares were 0.2% higher at 96.18 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Taylor Wimpey