Taylor Wimpey have reported a record first half-year performance and excellent momentum into the medium term – with chief executive Peter Redfearn confidently predicting a full-year 2021 group operating profit in the region of £820m.
The company’s results for the six-months up to 4 July 2021 saw revenue of £2,193m, a huge leap of 191% compared to the same period last year. A strong operating profit margin of 19.3%, compared to 2.1% in the same period last year, saw pre-tax profit rise to £287.5m.
Net cash was a record £906.5m, up 82.3% on net cash of £497.3m for the same time last year, and the company reports a strong order book worth £2,608m.
Pete Redfern, Taylor Wimpey chief executive, said: “We have delivered a record first half performance and a strong operating profit margin performance of 19.3%, which reflects tight cost discipline as well as higher completions in the period. Our focus remains on driving further improvement in our operating profit margin and accelerated outlet-driven volume growth from 2023.
“Backed by last year’s equity raise we stepped up our activity in the land market before competition returned and we successfully increased our land pipeline with high-quality sites that will deliver a strong financial performance. We are progressing this land through the planning stages as expected, providing excellent momentum for growth, enhanced returns for our stakeholders and increased numbers of new homes.
“We have a clear purpose to deliver high-quality homes and create thriving communities and a strategy to ensure the long term sustainability of the business. We now expect to deliver 2021 full year group operating profit of c.£820m, above the top end of consensus, with UK completions (excluding joint ventures) expected to be towards the upper end of our guidance range of 13,200 to 14,000.”