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

Breaking News

More than a third of homes undergo price reduction

The latest research from GetAgent.co.uk has revealed that more than a third (34.4%) of homes sold subject to contract (SSTC) across Britain’s major cities have undergone an asking price reduction, with this figure climbing to more than half in Bournemouth, raising questions over whether sellers, and their agents, are pricing their properties realistically when first…
Read More →
Breaking News

‘Explosion’ in e-signature use at Land Registry spells progress for homebuying reform

The number of e-signatures used at Land Registry has exploded in the latest quarter — jumping more than ten times in just three months to 643, Novus Strategy can reveal. Qualified Electronic Signatures (QES) are a central plank of the revolution unfolding in homebuying because they reduce friction and save time. It’s a combination of…
Read More →
Letting Agent Talk

The Flats Above the Shop Problem

Why residential property hidden inside commercial ownership keeps causing trouble By Adam Hills, Client Services Director, LRG Living Markets Somewhere in many commercial property portfolios sits a small collection of front doors that was never really part of the plan. Many large and small retailers inherit residential property portfolios by default as part of mixed-use…
Read More →
Breaking News

Breaking Property News 2/11/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   April 2027: The date Landlords become data companies   From 6 April 2027 some landlords pay 4% more tax – but a bigger burden is the extra governmental red tape Thought leadership by Olivier Jauniaux Founder of NestLink There was a moment in the 2026 Budget speech…
Read More →
Estate Agent Talk

Buying Alone? What Solo Buyers Need to Know Before Making an Offer on a House

Figures show that solo buyers accounted for 36.9% of Barclays’ mortgage completions in June 2026, as more people chose to step onto the property ladder without a partner beside them. Choosing independence over waiting for a joint purchase has doubled over the last 50+ years, with solo first-time buyers doubling from 15% before 1980 to…
Read More →
Estate Agent Talk

How to Make a New-Build Living Room Feel Less Like a Show Home

An empty new-build living room can be surprisingly difficult to furnish. The walls are freshly painted, the sockets are in place, and there is nothing to remove before decorating begins. Yet once the sofa arrives, the room can still feel unsettled: too bare in some places, awkwardly crowded in others. The answer rarely involves buying…
Read More →