The Taylor Wimpey plc (LON: TW) share price rose 3.75% after releasing its half-year trading statement for the period up to 5 November 2023. The UK home building company reported that in the second half of the year, its net private sales per outlet per week remained steady at 0.51 (2022: 0.51), with a reduced cancellation rate of 21% (2022: 24%).
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Excluding the influence of bulk deals, the company achieved a net private sales rate of 0.48 for the same period compared to 0.50 in H1 2022. For the entire year to date, our net private sales rate stood at 0.63 (2022: 0.74), while the cancellation rate remained stable at 18% (2022: 18%). Excluding bulk deals, the net private sales rate for the year to date was 0.57 (2022: 0.72).
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As of November 5, 2023, the homebuilder’s total order book (excluding joint ventures) amounted to approximately £1.9 billion compared to approximately £2.6 billion in 2022, representing 7,042 homes versus 9,153 homes in 2022.
The company has taken decisive measures to mitigate risks to optimise its performance in a challenging market. The firm exercised strict control over costs and its investment in work in progress. The company’s teams have been focused on enhancing operational efficiency.
Taylor Wimpey maintains a strong balance sheet and generates significant cash flow. Despite returning approximately £338 million in dividend payments in 2023, the company anticipates ending the year with net cash ranging from £500 million to £650 million.
Jennie Daly, Taylor Wimpey CEO, commented: “Taylor Wimpey has delivered a resilient performance in what continues to be a challenging market backdrop, reporting a robust sales rate and strong financial position and reiterating our full year 2023 UK volume guidance in the range of 10,000 to 10,500 homes. Due to our focus on optimising price and sharp cost discipline, we now expect Group operating profit* to be at the top end of our guidance range of £440 million to £470 million. This performance is a testament to the hard work of our experienced teams, who have continued to adapt and support customers through their buying journey while being focused on delivering efficiencies across the business.”
Taylor Wimpey (TW) share price.
The Taylor Wimpey share price rose 3.75% to trade at 119.45p from Wednesday’s closing price of 115.13p.
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