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(Alliance News) - Taylor Wimpey PLC said Tuesday annual results to be in line with its own expectations, despite an uncertain political and economic backdrop in the UK.
In a trading statement for 2019, the housebuilder said the housing market remained stable throughout the past year, albeit with more challenging conditions in London and the South East and at higher price points.
Total house completions in 2019 increased by 5% to 15,719, including joint ventures, compared to 14,933 in 2018.
The company said it ended 2019 with a record total order book valued at GBP2.17 billion, compared to GBP1.78 billion a year ago.
The Spanish market remained healthy throughout the year, the company noted.
Taylor Wimpey said it remains cash generative and intends to return GBP610 million to shareholders by way of total dividend in 2020.
"While 2020 will continue to be a year of change for the UK, we welcome the increased political stability following the general election," the company said.
"We start the year with a strong order book and continue to target a smoother profile of completions throughout the year but expect 2020 to continue to be second half weighted," the housebuilder said.
In July, the company had said for the six months to the end of June, its pretax profit was GBP299.8 million, down 0.4% from GBP301.0 million.
Operating profit for the period was down 9.4% at GBP311.9 million from GBP344.3 million, due to higher build costs and Taylor Wimpey's geographic mix.
Taylor Wimpey shares were up 0.2% in London at 202.40 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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