Business
Trading statement
Trading statement.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 9 November 2022\n \n \n \n \n Taylor Wimpey plc \n \n \n \n \n Trading statement\n \n \n \n \n \n \n \n Overview\n \n \n \n Jennie Daly, CEO, commented:\n \n \n \n \"In a challenging economic and political backdrop we are performing well and are on track to deliver full year operating profit* in line with market expectations1.\n \n \n \n \n While sales rates have been impacted by wider economic uncertainty, we continue to see good levels of customer interest in our homes and a desire to get onto or move up the housing ladder.\n \n \n \n \n Taylor Wimpey is an agile business and we have been focused on operational efficiency and execution. We operate from a position of financial strength and as we continue to navigate the current macro-economic challenges, our quality landbank in customers' preferred locations positions us well. We will continue to manage the business with discipline as we seek to deliver value for all our stakeholders.\"\n \n \n \n \n UK trading performance\n \n \n \n We achieved a net private sales rate of 0.74 homes per outlet per week for the year to date (2021: 0.95) and 0.51 homes per outlet per week in the second half of the year to date (2021: 0.91), reflecting customer response to heightened levels of economic uncertainty.\n \n \n The cancellation rate for the second half of the year to date was 24% (2021: 14%), with a year to date cancellation rate of 18% (2021:14%).\n \n \n \n As at 6 November 2022, our current total order book excluding joint ventures stood at c.£2.6 billion (2021: c.£2.8 billion) and our order book represented 9,153 homes as at 6 November 2022 (2021: 10,643) of which 79% is exchanged.\n \n \n Customer visits to our website continue to be at good levels, albeit with conversions taking longer. Where customers have locked in mortgage rates, they remain keen to complete their purchase.\n \n \n In the year to date, we have operated on an average of 229 sales outlets (2021: 224), and we are currently operating from 234 outlets (2021: 217) having opened\n 74\n new outlets in the year (2021:\n 64\n ).\n \n \n Prevailing build cost inflation remains around 9-10%.\n \n \n \n \n \n \n \n Proactive response to changing market conditions\n \n \n \n We have been closely monitoring...