Taylor Wimpey plc (LON: TW) mentioned on Wednesday it concluded the fiscal first half in revenue. The housebuilder additionally expressed confidence that its full-year working revenue will beat consensus expectations. Shares of the corporate have been greater than 5.0% up on Wednesday morning.
H1 monetary efficiency
Taylor Wimpey reported £287.5 million of pre-tax revenue for the six months that concluded on 4th July. As compared, it had posted £39.8 million of pre-tax loss in the identical interval final yr when COVID-19 restrictions have been at peak. Earlier than the pandemic, Taylor Wimpey’s pre-tax revenue stood at £299.8 million in H1 of 2019.
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The Excessive Wycombe-based firm famous £424 million of working revenue versus the year-ago determine of £16.1 million in loss. Taylor Wimpey generated £2.20 billion of income in H1 that represents near 200% annualised progress. In 2019, its income was capped at £1.73 billion within the first half.
For the total yr, Taylor Wimpey now forecasts roughly £820 million of working revenue that tops consensus estimates. The London-listed agency beforehand guided for 13,200 to 14,000 completions in fiscal 2021. On Wednesday, it mentioned completions will print close to the highest finish of the steering after a file 7,303 properties it constructed within the six-month interval.
Dividend and CEO’s remarks
On the again of the hawkish H1 efficiency, Taylor Wimpey mentioned its board declared 4.14 pence per share of an interim dividend. Commenting on the monetary replace, CEO Peter Redfern mentioned:
“Backed by final yr’s fairness elevate, we stepped up our exercise within the land market earlier than competitors returned, and we efficiently elevated our land pipeline with high-quality websites that may ship a robust monetary efficiency. We’re progressing this land by the planning phases as anticipated, offering wonderful momentum for progress, enhanced returns for our stakeholders and elevated numbers of recent properties.”
In separate information, Legal & General plc also reported its H1 monetary outcomes on Wednesday.
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