Taylor Wimpey pre-tax profits up 33%

July 30, 2015

Along with Rightmove who we had as a “Breaking News” item yesterday another major property industry company posted their half yearly results on wednesday,  showing a strong 2015 first half performance with pre-tax profits up 33%.

Chief Executive Pete Redfern, commented,”We have used the opportunity of a stable and positive housing market to make significant progress towards our medium term financial and quality objectives. We are confident of achieving the three year financial targets that we established in 2014, and continue to invest in recruiting and developing our people and enhancing the quality of our homes.In line with our strategy, we have proposed a cash return of £300 million to be paid in July 2016, which takes our total cash returns to shareholders since we started the programme in 2014 to £600 million.”

The operational highlights were that 5,842 homes were completed (excluding joint ventures) across the UK, with a 9.2% increase in total average selling price to £225k (H1 2014: 5,695 homes at £206k), this in a resilient and growing housing market, record contribution of £55.9k per completion (H1 2014: £45.3k per completion).

Significant progress was made towards the Group’s three year medium term targets: Operating profit margin up 310 basis points to 19.2% (H1 2014: 16.1%) Return on net operating assets up 540 basis points to 23.2% (H1 2014: 17.8%) Tangible net asset value per share increased by 11.5% to 82.1 pence (H1 2014: 73.6 pence).with 15.6%

The company is well placed to deliver further sustainable growth in returns and completions during 2015 and beyond: Landbank strong at 77k plots, with over 50% sourced from the strategic land pipeline, acquired 3,620 high-quality plots in the UK short term land market, converted 5,666 plots from the strategic pipeline

Excellent order book as at 28 June 2015 representing 8,120 homes (29 June 2014: 7,587) and a record total value of £1,859 million (29 June 2014: £1,584 million)

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Letting Agent Talk

Selective Licensing Requirements

Propertymark is reminding landlords of their responsibilities under Selective Licensing schemes as more local authorities across England and Wales continue to implement or expand these regulatory measures. Selective licensing is designed to improve housing standards, ensure safer communities, and provide greater oversight of privately rented properties. Propertymark urges landlords to familiarise themselves with the rules…
Read More →
Estate Agent Talk

Autumn Budget 2025: Key advice for homeowners, buyers and landlords

The UK’s Autumn Budget delivered several headline-grabbing policies that will directly shape the future of the housing market. While initial reactions ranged from concern to confusion, property experts say the sector should take a measured, informed view, particularly as many changes won’t take effect for several years. From understanding who is going to face implications,…
Read More →
Breaking News

Five real estate opportunities to watch in 2026

By Daniel Austin, CEO and co-founder at ASK Partners The 2025 Autumn Budget offered limited stimulus for the housing market and, persistent headwinds such as sticky inflation, higher for longer interest rates, elevated construction costs, and slow planning processes continue to impact development viability. But there are still reasons for cautious optimism. The UK economy…
Read More →
Breaking News

Are Rightmove fee increases set to outpace agent earnings

The latest research from Property DriveBuy suggests that the nation’s estate agents are on course to see the sums paid to Rightmove in fees outpace the growth in commission earned for a third consecutive year, having already seen significantly higher increases in Rightmove fees over the last two years versus the commission bagged per property…
Read More →
Breaking News

Breaking Property News 3/12/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Banking facility will make it easier and more cost-effective for TPFG franchisees to access funding  The Property Franchise Group (TPFG), one the UK’s largest property franchisors, has announced the launch of a new bespoke lending facility, created with Barclays. This initiative will make it easier…
Read More →
Breaking News

What the Autumn Budget 2025 means for downsizers

Now that the dust has settled on what was a hotly anticipated Autumn Budget from the UK government, over-50s property specialist Regency Living has produced a concise guide to the implications for the nation’s downsizers, and concluded that this Budget is going to further increase demand on England’s park home market. The 2025 Autumn Budget was…
Read More →