Taylor Wimpey warns on profits as higher interest rates hit demand

(Sharecast News) - Housebuilder Taylor Wimpey on Wednesday warned full-year adjusted operating profit would be at the bottom end of consensus on the back of weak demand as a softer autumn selling season and higher interest rates reduced mortgage affordability for buyers.

The company maintained guidance for around 10,500 UK completions this year, below its previous forecast of 10,600 to 10,800 homes98.0 and said year-end net cash is still expected to be about £250m.

Analysts are forecasting earnings of £262m-£299m, according to a company compiled consensus.

Reporting by Frank Prenesti for Sharecast.com