Business
Full year results for the year ended 31 Dec 2016
Full year results for the year ended 31 Dec 2016.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \nRNS Number : 9920X Taylor Wimpey PLC 28 February 2017 \n\n \n28 February 2017\nTaylor Wimpey plc\nFull year results for the year ended 31 December 2016\n \nPete Redfern, Chief Executive, commented:\n\"In 2016 we delivered an excellent performance set against an uncertain political and economic environment that stabilised in the final quarter. The outlook for 2017 is for ongoing stability and incremental price growth, which is a healthy backdrop for our business and our customers.\"\n Good progress made towards all medium term targets for the period 2016-2018\n· Target total of £1.3 billion of dividends to be paid in cash to shareholders over the period\n- £355.9 million paid in 2016 (2015: £308.4 million)\n- c.£450 million declared for 2017 (subject to shareholder approval)\n· Target average annual return on net operating assets** of 30%\n- 30.7% in 2016 (2015: 27.1%)\n· Target average operating profit* margin of c.22%\n- 20.8% in 2016 (2015: 20.3%)\n2016 Group financials \n· Completed a total of 14,112 homes, including Spain, up 4.8% (2015: 13,470), excluding joint ventures\n· 10.9% increase in UK total average selling price to £255k (2015: £230k), excluding joint ventures\n\n\n\n\n \n\n\n2016\n\n\n2015\n\n\nChange\n\n\n\n\nRevenue £m\n\n\n3,676.2\n\n\n3,139.8\n\n\n17.1%\n\n\n\n\nOperating profit* £m\n\n\n764.3\n\n\n637.0\n\n\n20.0%\n\n\n\n\nProfit before tax and exceptional items £m\n\n\n733.4\n\n\n603.8\n\n\n21.5%\n\n\n\n\nProfit for the year £m\n\n\n589.3\n\n\n489.8\n\n\n20.3%\n\n\n\n\nAdjusted basic earnings per share pence††\n\n\n18.1\n\n\n14.9\n\n\n21.5%\n\n\n\n\nBasic earnings per share pence\n\n\n18.1\n\n\n15.1\n\n\n19.9%\n\n\n\n\nTangible net asset value per share pence†\n\n\n88.6\n\n\n83.5\n\n\n6.1%\n\n\n\n\nNet cash £m\n\n\n364.7\n\n\n223.3\n\n\n63.3%\n\n\n\n\n \nUK current trading and outlook \nWe have made a very good start to 2017 and are encouraged by robust trading and levels of demand. The UK housing market fundamentals remain good with strong customer confidence in our core geographies. \nThe market is underpinned by a competitive mortgage market and low interest rates. Customer interest remains high, with website visits solid and customers con...