Home builder Taylor Wimpey on Wednesday upgraded annual guidance and reinstated its dividend as it swung to a first-half profit on the back of a booming housing market.
Pre-tax profit for the six months to June 30 came in at £287.5m compared to loss of £39.8m last year. Revenue soared to £2.20bn from £754.6mas home completions jumped to 7,303, up from 2,771 when most sites were shut down due to the Covid-19 pandemic.
An interim dividend of 4.14p per share was declared. The company said it now expected full-year operating profit to be around £820m, above the top end of consensus.
The company said its total UK order book represented 10,344 homes with a value of £2.6bn at July 4.
Full-year completions were expected to be towards the upper end of its guidance range of 13,200 – 14,000 homes.
“The UK housing market remains strong, underpinned by low interest rates, good mortgage availability and government support for customers,” Taylor Wimpey said. House sales in Britain have surged due to pent-up demand after lockdowns and government support measures such as the stamp duty holiday.
