LONDON (dpa-AFX) - Residential developer Taylor Wimpey Plc. (TW.L) reported Tuesday that it delivered a strong performance during the second half of 2018, with very good sales rates. Looking ahead, the company said it is on track to meet full year expectations.
In its trading update, the company said its first-half sales were supported by positive customer demand and a supportive lending environment.
Regarding the UK current trading, the company said the UK housing market has remained stable through the second half of 2018, despite the wider political and economic uncertainty.
Current total order book, excluding joint ventures, represents 9,783 homes, which is 12% above last year. This order book stands at about 2.4 billion pounds, an increase of 9%.
This is at the upper end of expectations at this stage, and the company said it would expect this to reduce naturally towards the end of the year as more homes complete.
Underlying prices in the period, and in the order book, remain in line with the first half of the year.
The company said it is on track to deliver full year 2018 results in line with expectations, and subject to shareholder approval, reiterated commitment to return £600 million by way of total dividend to shareholders in 2019, a 20% increase on 2018.
The company expects next year's volume to be broadly flat in current market conditions.
Pete Redfern, Chief Executive, said, 'Looking ahead to 2019, we remain mindful of wider political and economic risks and the potential impact on customer confidence. However, with a strong balance sheet in place and a high-quality landbank, our business is well positioned to deliver further sustainable growth and cash flow over the medium term.'
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