Taylor Wimpey on track for £922m full-year profit despite increasing cancellations
Taylor Wimpey remains on track to deliver a full-year operating profit of around £922m despite reporting an increase in cancellation rates.
In the last six months, the home builder reported a net private sales rate of 0.51 homes per outlet per week – down 44 per cent on last year’s levels.
Cancellation rates also rose by 10 per cent on 2021 levels as a result of wider economic uncertainties.
As of 6 November, Taylor Wimpey’s total book order stood at around £2.6bn, representing 9,153 homes.
This was down on last year’s £2.8bn and 10,643 homes.
To protect itself against market volatilities, the company has further increased cost and management controls, focusing instead on selling in “a tougher market.”
“We operate from a position of financial strength and as we continue to navigate the current macroeconomic challenges, our quality landbank in customers’ preferred locations positions us well,” said chief executive Jennie Daly.
“We will continue to manage the business with discipline as we seek to deliver value for all our stakeholders.”