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31 Jul 2019 | 07:17

Taylor Wimpey posts drop in H1 profits, sees FY in line with expectations

British housebuilding company Taylor Wimpey saw a drop in its half-year pre-tax and operating profit due to higher build costs and geographic mix, but expected full-year results to be 'in line' with expectations.

Operating profit fell 9.4% to £311.9m while profit before tax and exceptional items also slid 9.4% to £299.8m in the six months to 30 June.

Losses were, however, mitigated by higher volumes: excluding joint ventures, the company completed a total of 6,541 homes in the first six months of the year, compared with 6,497 in the first half of 2018.

Revenue increased 0.8% to £1,732.7m over the period.

'Despite 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,' said chief executive Peter Redfern.

The company said it would pay an interim ordinary dividend of 3.84p per share (up from 2.44p per share in 2018) in November 2019, which would bring 2019 total dividends in the year to around £600m or 18.34p per share (2018 total: £500m).

It also announced a special 2020 dividend of £360m (around 11.0p per share) to be paid in July 2020. 2020 total dividends were expected to be around £610m or 18.6p per share

Story provided by StockMarketWire.com
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