Taylor Wimpey forecasts 40% dive in home completions
Taylor Wimpey has predicted that home completions will decline by 40% this year, after reporting a 58% drop to 2,713 completions during the first half of the year.
The housebuilder said that this will have “a significant impact on revenues and margins” in 2020 and “some knock-on impact” on 2021 delivery.
The firm made a pretax loss of £39.8m for the six months ending 30 June, compared with £299.8m profit in the previous year. Revenue fell 56.4% to £754.6m.
Taylor Wimpey has predicted that home completions will decline by 40% this year, after reporting a 58% drop to 2,713 completions during the first half of the year.
The housebuilder said that this will have “a significant impact on revenues and margins” in 2020 and “some knock-on impact” on 2021 delivery.
The firm made a pretax loss of £39.8m for the six months ending 30 June, compared with £299.8m profit in the previous year. Revenue fell 56.4% to £754.6m.
However, total order book value grew 23% to £2.9bn, excluding joint ventures.
Pete Redfern, chief executive, said: “Our performance for the first half of 2020 has been impacted by the closing of our sites and sales centres, but we have now reopened all sites successfully and safely and have returned to a sustainable level of sales and build.
“Looking ahead, balance sheet strength, a long order book and our high quality and growing landbank gives us confidence in our ability to navigate the challenges and emerge stronger from the pandemic.
“While uncertainties remain, we are confident in the underlying fundamentals of the housing market.”
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