Taylor Wimpey revenue more than doubles, climbing closer to pre-Covid levels
Taylor Wimpey revenue has more than doubled in the past year, fuelled by a 47 per cent increase in UK house completions.
Revenue surged over 53 per cent in the year to 31 December to £4.2bn, up from the £2.7bn it secured in 2020.
It marks a strong sign of recovery for the housebuilder, as it inches closes to its pre-pandemic revenue of £4.3bn.
Operating profit has also closed in on its pre-Covid figure, soaring 175 per cent in the 12-month period to £828m.
“I am very pleased with our operational, financial and customer service performance in 2021,” chief executive Pete Redfern said in a statement.
“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.”
Basic earnings per share have also more than doubled, from 6.5p in 2020 to 18p by the end of last year. Again, climbing closer to its 2019 figure of 20.3p.
Redfern added: “While we recognise the challenging geopolitical, macro-economic and regulatory environment, we remain confident of delivering modest growth in completions in 2022 and of making further progress towards our operating margin target.
“With the opportunistic purchase of additional land over the last 18 months, our land pipeline leaves us well placed to accelerate high-quality, profitable volume delivery from 2023, generating additional value and compelling investor returns.”