LONDON (dpa-AFX) - Residential developer Taylor Wimpey plc (TW.L) reported Friday a profit in its first half, compared to prior year's loss, on revenue growth, while completions and orders were down. Further, the firm trimmed outlook for fiscal 2026 UK completions, and announced share buyback.
In London, the shares were losing around 4.6 percent, trading at 79.20 pence.
Looking ahead, the company said it expects market conditions to remain challenging for the remainder of the year, with underlying pricing below prior year levels and full year build cost inflation of c.3-4 percent.
Reflecting the lower first half sales rate and ongoing market backdrop, the company now expects UK completions excluding joint ventures for the full year to be between 10,600 and 10,800 homes, within the lower half of the range provided in March.
Separately, Taylor Wimpey announced that it has entered into an arrangement with Merrill Lynch International to purchase up to 41.90 million pounds of the Company's ordinary shares of 1 pence each. Purchases of the Shares will commence on July 31 and end no later than December 31.
In the first half, profit before tax was 116.8 million pounds, compared to loss of 92.1 million pounds last year. Earnings per share were 2.5 pence, compared to loss of 1.7 pence a year ago.
Adjusted profit before tax was 118.6 million pounds, compared to 148.1 million pounds a year ago. Adjusted earnings per share were 2.5 pence, compared to 3.2 pence last year.
Revenue grew 1.7 percent to 1.683 billion pounds from 1.655 billion pounds last year.
Group completions including joint ventures were 4,986 homes, down from 5,264 homes a year ago. Total UK average selling price on completions increased 6.7 percent from last year to 334 thousand pounds.
Total order book represented 6,882 homes, excluding joint ventures, with a value of 1.929 billion pounds as of June 28, compared to last year's 7,269 homes with a value of 2.116 billion pounds.
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