Taylor Wimpey’s central London confidence returns
Taylor Wimpey has said its confidence in the central London residential market has picked up after 18 months of uncertainty, in a trading update released today.
In its half-year update, the company said that it was working in central London on “certain potential opportunities that would be significant and financially attractive and would provide the backbone for this regional business for a number of years”.
It said the land environment had changed and it was seeing opportunities emerge, despite reports of transaction volumes reducing in the capital and prices cooling.
Taylor Wimpey has said its confidence in the central London residential market has picked up after 18 months of uncertainty, in a trading update released today.
In its half-year update, the company said that it was working in central London on “certain potential opportunities that would be significant and financially attractive and would provide the backbone for this regional business for a number of years”.
It said the land environment had changed and it was seeing opportunities emerge, despite reports of transaction volumes reducing in the capital and prices cooling.
EG recently reported that Taylor Wimpey was in advanced discussions to buy the coveted £200m Mount Pleasant site in Clerkenwell, EC1, from Royal Mail.
The company today reported an 18.5% uplift in revenue to £1.73bn, and a 23.7% reduction in profit from £268.8m to £205m.
It also announced a special dividend of £340m (10.4p pence per share) to be paid in July 2018.
Chief executive Pete Redfern said: “Trading through the first half of 2017 has been very positive, supported by favourable UK housing market fundamentals and good customer confidence.
“In the central London market in particular, we are pleased to see improved customer confidence following a period of uncertainty.
“Although the wider political backdrop could have an impact on confidence levels and market dynamics, we have seen no material change in trading since the General Election, and our first-half performance has been strong.
“Our business is built to maximise performance in all market conditions, benefiting from a robust balance sheet and high-quality landbank. With a strong forward order book and a disciplined strategy to manage the business through the cycle, we remain on track to meet both our full year objectives and medium term strategic goals”.
To send feedback, e-mail nick.johnstone@egi.co.uk or tweet @n_johnstone or @estatesgazette
