Warning: Division by zero in /home/customer/www/buildingmagazine.co.uk/public_html/wp-content/plugins/bertha-ai/classes/class-bertha-ai.php on line 429
Taylor Wimpey say cost pressure easing | BUILDING MAGAZINE

Taylor Wimpey say cost pressure easing

House builder Taylor Wimpey has delivered shareholders a reasssuring update on trading, saying that sales remain strong despite political uncertainty.

Taylor Wimpey said that it was on track to deliver full year 2019 results in line with previous expectations, albeit with slightly higher volumes and slightly lower operating margins than previously thought.

Taylor Wimpey said in July that it was anticipating build cost inflation of c.5% for 2019. However, cost pressures experienced earlier in the year have softened over recent months, it said today, and cost inflation is expected to come down in the coming months.

Chief executive, Pete Redfern said: “We are on track to deliver full year 2019 results in line with our expectations driven by an industry-leading sales rate. In spite of wider political and economic uncertainty, housing market conditions have remained resilient. We are focused on the delivery of the highest service and build quality to our customers and investing in the sustainability and future capacity of our business”.

“In the second half, we continued to see good demand for our homes and have built a very strong order book. Looking ahead, our cash generation and financial position are very strong and we reiterate our commitement to returning c£610million by way of total dividend to shareholders in 2020”.