Taylor Wimpey on track as it welcomes UK election result
House builder Taylor Wimpey said it expected full year results to be in line with expectations as it welcomed increased political stability after the UK General Election.
The company on Tuesday said 2019 home completions rose 5% as it closed the year with a record total order book worth £2.17bn, up from £1.78bn a year earlier.
Build cost inflation was 4.5% as the company reported a softening in the cost pressures experienced in 2019.
Average selling prices on private completions increased by 1% to £305,000, with the overall average selling price increasing to £269,000 from £264,000.
Taylor Wimpey closed the year with a net cash balance of £546m, down from £644m at the end of 2018, but still ahead of expectations.
“We remain a very cash generative business and … intend to return £610m to shareholders by way of total dividend in 2020,” the company said.
“While 2020 will continue to be a year of change for the UK, we welcome the increased political stability following the general election. 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 company said on Tuesday.