Business
Half year results 2023
Half year results 2023.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n\n\n\n\n\n \n \n \n2 August 2023\nTaylor Wimpey plc\nHalf year results for the period ended 2 July 2023\n \nResilient first half performance with completions slightly ahead of our expectations\nJennie Daly, Chief Executive, commented:\n\"The first half of the year has been characterised by variable market conditions including substantially higher mortgage rates. While this has inevitably impacted our results, I am pleased that we have delivered a resilient performance with first half completions slightly ahead of our expectations. This performance is testament to the hard work of our teams on the ground and our strong focus on operational excellence and tight cost management.\nAs we move into the second half of the year, our focus remains on optimising all areas of our operations as we continue to support our customers during this uncertain period. With a healthy orderbook and strong underlying interest for our well-located, high-quality homes, we expect full year UK completions excluding joint ventures to be in the range of 10,000 to 10,500, the upper end of our previous guidance.\nTaylor Wimpey is a strong, sustainable and agile business underpinned by a robust balance sheet and an excellent landbank. We remain well positioned to manage the business through near term challenges while maximising value in the medium to long term.\"\nGroup financial highlights:\n\n\n\n\n \n\n\nH1 2023\n\n\nH1 2022\n\n\nChange\n\n\nFY 2022\n\n\n\n\nRevenue £m\n\n\n1,637.1\n\n\n2,076.8\n\n\n(21.2)%\n\n\n4,419.9\n\n\n\n\nOperating profit* £m\n\n\n235.6\n\n\n424.6\n\n\n(44.5)%\n\n\n923.4\n\n\n\n\nOperating profit margin*†\n\n\n14.4%\n\n\n20.4%\n\n\n(6.0)ppt\n\n\n20.9%\n\n\n\n\nProfit before tax and exceptional items £m\n\n\n237.7\n\n\n414.5\n\n\n(42.7)%\n\n\n907.9\n\n\n\n\nProfit before tax £m\n\n\n237.7\n\n\n334.5\n\n\n(28.9)%\n\n\n827.9\n\n\n\n\nBasic earnings per share pence\n\n\n5.0\n\n\n7.2\n\n\n(30.6)%\n\n\n18.1\n\n\n\n\nAdjusted basic earnings per share pence††\n\n\n5.0\n\n\n9.0\n\n\n(44.4)%\n\n\n19.8\n\n\n\n\nTangible net assets per share pence†\n\n\n126.7\n\n\n120.0\n\n\n5.6%\n\n\n126.5\n\n\n\n\nNet cash £m ‡\n\n\n654.9\n\n\n642.4\n\n\n1.9%\n\n\n863.8\n\n\n\n\nReturn on net operating assets**\n\n\n19.7%\n\n\n24.4%\n\n\n(4.7)ppt\n\n\n26.1%\n\n\n\n\n \nKey highlights:\n· Group completions of 5,...