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LONDON (Alliance News) - Taylor Wimpey PLC on Thursday signalled further growth in profit in 2016 as customer demand for its homes and good access to mortgages drives strong sales rates, whilst noting that the upcoming UK referendum on EU membership is not impacting trading.
In a trading update, the FTSE 100 housebuilder said in the first four months of 2016 customer demand was up 14% in comparison to the same period last year, whilst average private net reservation rates were 0.80 sales per outlet per week from 0.76 the previous year.
Taylor Wimpey said its total order book currently stands at 8,811 homes, up from 8,200 homes, excluding legal completions, and the housebuilder said it has increased the total order book value by 17% to GBP2.17 billion from GBP1.86 billion the previous year.
Taylor Wimpey said the short-term land market has remains stable, and it has sourced land at margins similar to those it secured in 2015. Its short-term land bank at the end of March stood at about 78,000 plots. Its strategic land pipeline stood at about 105,000 potential plots.
The housebuilder added that, as at April 24, it was 70% forward sold for 2016 private completions, which it said positioned it well for the year ahead. Taylor Wimpey noted that the upcoming UK referendum on EU membership as not impacted its trading to date and said underlying customer demand remains solid across all its geographies.
Taylor Wimpey said it will pay a final maintenance dividend of 1.18 pence a share for 2015, down from 1.32p per share a year earlier, giving a total maintenance dividend of 1.67p a share for last year, up from 1.56p in 2013. It's also going to pay a special cash dividend in July of 9.20p a share, as previously announced, up from 1.54p in July 2015.
"We remain committed to delivering sustainable value through the housing cycle, with a firm focus on continuous business improvement, including investment in our people, product and systems, and implementing and embedding our new customer service approach across the whole business. With a strong forward order book and high-quality landbank, we are well positioned for the remainder of the year and beyond," said Chief Executive Pete Redfern.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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