Taylor Wimpey revenue and profit declines
Taylor Wimpey has reported a drop in profit and revenue for H1 2024.
The housebuilder’s operating profit for the six months ending 30 June 2024 was £182.3m, down 22.6% from £235.6m in the same period last year.
Its revenue fell by 7.3% from £1.64bn in H1 2023 to £1.52bn this year.
Taylor Wimpey has reported a drop in profit and revenue for H1 2024.
The housebuilder’s operating profit for the six months ending 30 June 2024 was £182.3m, down 22.6% from £235.6m in the same period last year.
Its revenue fell by 7.3% from £1.64bn in H1 2023 to £1.52bn this year.
Completions, including through joint ventures, totalled 4,728 homes in H1 2024, down from 5,120 in H1 2023.
However, the housebuilder said it expected full-year UK completions, excluding joint ventures, to be up to 10,000, and full-year group operating profit, including joint ventures, expected to be in line with current market expectations.
Taylor Wimpey ended H1 2024 with net cash of £584m, down from £654.9m at the end of H1 2023.
Chief executive Jennie Daly said: “We look forward to working constructively with the new government to deliver much-needed new homes across the UK. It is very early stages, but we welcome recognition from the new administration that planning is a major barrier to economic growth, of which housebuilding is a significant component.
“The announcement of a new consultation on proposed changes to the National Planning Policy Framework is an important early step by government to address the negative impact successive changes to the framework in recent years have had on the delivery of homes.
“We look forward to continuing positive engagement with government throughout the consultation period. Though we expect changes to take some time to impact, we see the planning reforms outlined by the new government as key to unlocking future years land supply and the investment in skills and resources necessary to support future housing need.”
Photo by NEIL HALL/EPA-EFE/Shutterstock
