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All housing shares have done well but I like this as it has a good balance sheet , is cheap on a cashflow basis, and not even cyclical based on revenues last year (despite the drop)
Thanks UKI, Yes I had seen that previously, I believe Oracle mentioned the same figs.
So you think WJG have already spent £4.9M on remedial work with another £10M earmarked for other properties.
Has there been any indication which/where those properties are located and whether they will be student accommodation our other developments they have been connected to.
I seem to be missing the boat here as the price is on the increase lately?
This ethos underpinned our careful response to COVID-19 and our decision to remediate cladding on properties we had previously developed, despite having no legal liability to do so.
Exceptional items
The Group incurred a number of exceptional costs during the year, totalling £20.5 million (FY19: £2.6 million). The largest component was a provision of £14.8 million in respect of remedial works relating to cladding. Of this, £4.9 million was utilised in the year, with the remainder expected to be incurred over the next two financial years.
Hi Oracle - you obviously don't see it the same as I do!!
Or are you too taking a blinkered view.
Cladding was the first word I threw in for consideration another and far more worrying is "compartmentalisation'
Yes it's a BIG word and once you have had a chance to get your head around it I am sure that you will begin to
understand the concern there is about these two issues and how they will affect this builder and others in the UK.
From what I have gleaned about WJ they have always leaned heavily on their subcontractors - how do you think they have
all that money in the bank.??
Yes I am pretty sure that blame will be moved from this company onto the shoulders of anyone can apportion it - but in the meantime I bet the WJ boardroom is anything but a happy place.
As I said previously I am not a shareholder yet, I am not trying to chase the price down but I do have a vested interest in those two words that will play a part in the next sets of Company A accounts.
What's the Covid situation in Skegness, do people there have their heads in the sands or have they realised that too is for real!
Are you hoping to bring the price down by throwing the word cladding around? Or genuinely not read the numerous RNS and CEO interviews where he's addressed it? In brief, £14.8 million for remedial cladding work (in full year results) and said it would look to recover some of the costs from consultants and subcontractors involved in the original construction.
Hi Red, Yes they do and as I understand it is the leasehold tenants that are up in arms about the lack of response from the builders concerning this cladding issue and wider compartmentalisation that will cost £B's to remedy. BIG problem and one that ALL those builder involved will have to face up to sooner or later.
There is no benefit in any of these builder sticking their head in the sand - these problems will not go away until properly dealt with.
Really surprised how few comments there are on this board about anything - let alone the cladding!! Perhaps like WJG everyone is closing their eyes and mind to this issue.
PS I am still not invested.
Hey Blue. Those funds, referencing EWS forms apply to properties with Residential leasehold tenants do they not?
Taylor Wimpey unveils £125m cladding fund as dividend returns
Tom Belger·Finance and policy reporter
Construction workers work on a Taylor Wimpey housing estate in Aylesbury, England. Photo: Eddie Keogh/Reuters
Taylor Wimpey has announced it will resume paying dividends and set aside £125m ($173m) for post-Grenfell cladding and other fire safety work on its apartment blocks.
The leading UK housebuilder (TW.L) leapt more than 2.5% on the stock market in London on Tuesday, as investors welcomed its full-year results for 2020.
It comes in spite of plummeting full-year completions, revenues and profits, with the company shutting down sites and then initially reopening at lower capacity when the coronavirus first struck last year.
Taylor Wimpey finished 9,799 new homes last year, down from more than 16,000 the previous year. Revenues were down 35.7% to £2.79bn, and profits down 64.7% to £300.3m.
The company also said it would set aside £125m to "support fire safety improvement works for leaseholders." It said the measures would ensure its apartment buildings of all heights met new property industry guidance on safe construction materials, introduced in the wake of the Grenfell Tower disaster. Flammable cladding panels helped the fire spread at the London tower block, with 72 people losing their lives.
READ MORE: UK house price growth rebounds in February hitting highest average prices on record
Taylor Wimpey noted many leaseholders not just in high-rises had "been left with unreasonably large bills to ensure their properties are safe" as government rules and advice has changed.
The new funding is only for properties built in the past two decades, but covers blocks below 18 meters as well as above, and covers multiple forms of cladding.
It said it would fund and oversee works on properties it still owns to make them safe and mortgageable, and would "contribute" to freeholder-led works on buildings it no longer owns that are ineligible for government funding.
It had previously put aside £40m for the cost of removal and replacement of aluminium composite material (ACM) cladding, the kind used at Grenfell.
It comes after rival developer Persimmon also vowed last month to put aside £75m to fix potentially unsafe cladding