13th Nov 2019 08:30
(Alliance News) - Housebuilder Taylor Wimpey PLC said Wednesday it is on track to deliver a 2019 performance in line with management expectations, with solid momentum continuing into the second half of the year.
In addition, Taylor Wimpey reiterated its commitment to return GBP610 million through a dividend to shareholders in 2020, marking a 1.7% increase from the GBP600 million payment made in 2019.
In UK housing, Taylor Wimpey's sales rate for the year-to-date rose to 0.96 sales per outlet per week, up from 0.81 the same period the year before.
The group operated on an average of 252 outlets during the period, down from 274 outlets the prior year.
Also for the UK, Taylor Wimpey's current total order book represents 10,433 homes, standing at GBP2.7 billion, up from 9,843 homes at GBP2.4 billion the year before.
In terms of land, buying conditions have remained stable in the second half of 2019, pushing Taylor Wimpey to add 3,222 plots to its landbank.
The group's short term landbank at the end of October stood at 76,500 plots, down from 77,100 at the end of June, while its strategic land pipeline increased to 133,000 plots from 131,000.
Meanwhile in Spain, the housing market has remained stable throughout 2019, with the order book for Taylor Wimpey's Spanish unit at 296 homes as at November 10, down from 330 homes the prior year.
Looking ahead, Taylor Wimpey said it expects its annual results to be in line with expectations, but with slightly higher volumes and lower operating margins than originally guided for in the first half.
"In spite of wider political and economic uncertainty, housing market conditions have remained resilient. We are focused on the delivery of the highest service and build quality to our customers and investing in the sustainability and future capacity of our business. In the second half, we continued to see good demand for our homes and have built a very strong order book," said Chief Executive Officer Pete Redfern.
Shares in Taylor Wimpey - which is headquartered in High Wycombe - were up 0.4% at 170.55 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Taylor Wimpey