Business
Half year results for the period end 30 June 2019
Half year results for the period end 30 June 2019.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \nRNS Number : 2785H Taylor Wimpey PLC 31 July 2019 \n\n \n \n \n31 July 2019\nTaylor Wimpey plc\nHalf year results for the period ended 30 June 2019\n \nPete Redfern, Chief Executive, commented:\n\"We have made good progress in the first half against our long term strategy, underpinned by our continued commitment to our customers, build quality and employee engagement. We delivered a record sales rate in the first half as we saw strong customer demand for our homes in a stable market and the success of our strategy to build more homes on our larger sites coming through more quickly than anticipated. \n \nDespite wider political uncertainty, conditions for the housing market continue to be supportive with good affordability and access to finance. We have not seen any meaningful change in customer confidence, with positive underlying metrics and forward indicators. We expect full year results for 2019 to be in line with expectations.\n \nTaylor Wimpey has a customer first strategy and I am particularly proud of the commitment from our highly motivated and engaged teams, and the positive improvement we are seeing in our build quality measures. We are investing for the long term in customer service and in the quality and skills of our business, particularly in apprenticeships and early talent. It remains our goal to deliver high-quality homes, right first time, and create thriving communities in places our customers want to live. This strategy will position us to be the customer's first choice homebuilder in all market conditions whilst providing enhanced returns for shareholders.\"\n \nGroup financial highlights: \n· Completed a Group total of 6,541 homes (H1 2018: 6,497), excluding joint ventures\n· Operating profit* of £311.9 million (H1 2018: £344.3 million), reflecting higher build costs and geographic mix, partly offset by higher volumes, delivering an operating profit margin of 18.0% (H1 2018: 20.0%)\n· Profit before tax of £299.8 million (H1 2018: £301.0 million)\n· Net cash‡ of £392.0 million as at 30 June 2019 (1 July 2018: £525.1 million), due to timing of land payments and investment in work in progress, reflecting the increased order book\n· 2019 full ...