LONDON (dpa-AFX) - Taylor Wimpey plc (TW.L) said the Group has delivered a record first-half performance and a strong operating profit margin performance of 19.3%, which reflects tight cost discipline as well as higher completions in the period. The Group now expects to deliver full year 2021 operating profit, above the top end of consensus.
First-half profit on ordinary activities before tax was 287.5 million pounds compared to a loss of 39.8 million pounds, prior year. Profit for the period was 235.8 million pounds compared to a loss of 31.5 million pounds. Profit per share was 6.5 pence compared to a loss of 1.0 pence. Before exceptional items, pretax profit was 412.5 million pounds compared to a loss of 29.8 million pounds. Adjusted profit per share was 9.2 pence compared to a loss of 0.7 pence.
For the half year ended 4 July 2021, Group revenue increased to 2.20 billion pounds from 754.6 million pound, previous year, reflecting the impact of site closures due to COVID-19 in the comparative period. Group completions were 7,303 homes compared to 2,771, prior year excluding joint ventures. Completions in the UK (excluding joint ventures) increased to 7,219 from 2,713, with the comparator heavily impacted by the COVID-19 shutdown.
For 2021, the Group now projects operating profit to be approximately 820 million pounds, above the top end of consensus. The Group expects 2021 completions for the UK, excluding joint ventures, to be towards the upper end of its guidance range of 13,200 to 14,000 homes.
The Group plans to pay a 2021 interim dividend of 4.14 pence per share in November, in line with its Ordinary Dividend Policy.
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