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Taylor Wimpey PLC on Thursday hailed a ‘resilient’ performance and now expects yearly profit at the top end of its guidance. The Buckinghamshire, England-based housebuilder said it expects operating profit to be at the top end of its guidance range of £440 million to £470 million, citing ‘cost discipline’. Taylor Wimpey added that it expects to deliver on its 10,000 to 10,500 home volumes guidance for the full year. This comes after the firm reported that its private sales rate per outlet per week for its second half, which ended July 2, was unmoved year-on-year at 0.51, Meanwhile, the cancellation rate was 21% compared to 24% a year ago. ‘The market continues to be impacted by weak consumer confidence influenced by high mortgage rates and cost of living pressures which are negatively affecting affordability for our customers. However, we have attractive and resilient locations which, combined with our enhanced customer and marketing tools, has enabled us to deliver a good performance against a challenging backdrop,’ it said. Chief Executive Officer Jennie Daly commented: ‘While the market backdrop remains uncertain, we are confident in the medium to long term sector fundamentals, with a meaningful supply and demand imbalance in UK housing.’ Shares in Taylor Wimpey were up 1.6% at 117.38 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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