Business
Trading update for the period ended 30 June 2013
Trading update for the period ended 30 June 2013.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \nRNS Number : 5634I Taylor Wimpey PLC 04 July 2013 \n \n\n4 July 2013\nTaylor Wimpey plc\nTrading update for the period ended 30 June 2013 \n \nStrong H1 trading performance\n \nTrading update ahead of half year results for the period ended 30 June 2013, which will be announced on 31 July 2013. \n \nOverview\nWe traded at the upper end of our expectations for the period and we will report improvements across all of our key financial metrics at the time of our half year results on 31 July. We expect to report a UK operating profit margin for the first half of 2013 of over 13% (H1 2012: 11.2%*).\n \nPete Redfern, Chief Executive, commented:\n\"We have welcomed signs of significant improvement in the housing market in the first six months of 2013 where we have seen increased consumer confidence, underpinned by both generally improved access to and affordability of mortgage finance and by the recent Government measures. This has enabled us to continue our investment in local communities across the UK and play a leading role in the creation of new homes, employment opportunities and infrastructure.\"\nUK current trading\nWe are seeing improvements across most of our markets in the UK, with our businesses in the South East and Midlands regions performing particularly well in the first half of the year. We have also seen a return to the more traditional seasonal patterns, with a strong spring selling season, driven by increased customer confidence and buoyed in the second quarter by the Government measures.\n \nDuring the first half of 2013, we achieved an average private net reservation rate of 0.67 per outlet per week (H1 2012: 0.60) and we completed 5,192 homes (H1 2012: 5,083). Of this, 4,229 were private completions (H1 2012: 4,137), 930 were affordable (H1 2012: 893) and 33 were joint venture completions (H1 2012: 53). The average selling price of completions also increased to circa £187k (H1 2012: £176k). The average selling price on private completions increased by 8% to £205k (H1 2012: £189k) reflecting both the higher quality of our locations and the improving market. Cancellation rates remain low at 14% (H1 2012: 15%). The total order book, excluding completions to date and joint ventures, stands at £1.3 billion as at 30 June 2013 (1 July 2012: £960 million), up 35%, and reflects the contin...