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(Sharecast News) - Taylor Wimpey reiterated its 2022 growth targets on Thursday after strong customer demand boosted annual revenues and profits.
The house builder reported a 53.6% jump in revenues for the year to 31 December, to £4.28bn, after total UK home completions increased 47% to 14,087.
Pre-tax profits jumped 157% to £679.6m, while the operating margin rose to 19.3% from 10.8% and the overall average selling price increased to £300,000 from £288,000.
Taylor Wimpey said the "strong" results had been driven by robust customer demand, and were in line with internal expectations.
Since the end of 2021, the Bank of England has twice raised the cost of borrowing, to tackle soaring consumer price inflation. Cost inflation is also continuing to mount, while consumers are facing a looming cost of living crisis, as energy bills soar alongside rising prices and tax increases.
However, Taylor Wimpey said: "While further rises in the base rate are anticipated this year, we expect affordability to remain good and the cost of servicing a mortgage to remain attractive compared to the cost of rental.
"Assuming the market remains broadly stable, we continue to expect to deliver low single digit year on year completions growth in 2022, and market further progresses towards around 21% to 22% operating margin target.
"Build cost inflation is currently running at around 6% and at this stage we expect sales price growth to continue to offset build cost inflation in 2022."
Outgoing chief executive Pete Redfern said: "Demand for our homes remains strong, and we continued to drive significant margin improvement in 2021, as we optimise selling prices and maintain our strong focus on cost efficiency.
"While we recognise the challenging geopolitical, macro-economic and regulatory environment, we remain confident of delivering modest growth in completions in 2022 and of marking further progress towards our operating margin target."
Redfern, who led the 2006 merger between George Wimpey and Taylor Woodrow, announced plans to step down in December. He is being replaced by group operations director Jennie Daly, who will become the FTSE 100 firm's first female chief executive in April.
Taylor Wimpey also announced on Thursday plans to return £150m to shareholders in 2022 via a share buyback.
