London · Delayed Price · Currency is GBP · Price in GBX Taylor Wimpey Earnings Call Transcripts
Fiscal Year 2026
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Trading remains steady but slightly down year-on-year, with pricing and build cost pressures intensifying, especially in London and the south. H1 volumes are ahead of guidance, but profitability will be lower due to margin erosion. No revised full-year guidance is set amid ongoing uncertainty.
Fiscal Year 2025
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2025 saw strong volume growth, robust financials, and improved planning momentum, despite market headwinds. Guidance for 2026 anticipates higher outlets and steady completions, with margin pressure from costs and pricing. Shareholder returns policy now includes buybacks.
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Robust 2025 results with stable sales rates, higher revenue, and improved outlet openings, though margins face pressure from softer bulk sales pricing and cost inflation. Outlook for 2026 is cautious, with growth dependent on outlet expansion and market recovery.
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Sales rates and order book are slightly down year-over-year amid cautious customer sentiment and flat pricing, with incentives rising to support demand. Guidance for 2025 is maintained, but margin and volume growth in 2026 are expected to be limited by ongoing market and cost pressures.
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A clear strategy focuses on unlocking value from the land bank, increasing outlets, and driving operational leverage to achieve medium-term targets of 14,000 completions, 16%-18% margins, and at least 20% return on net operating assets. Growth is outlet-led, with no net land investment required, supported by a positive planning environment and operational excellence.
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Resilient H1 performance with 12% higher completions and 9% revenue growth, but operating margin impacted by a £20m exceptional charge and a £222m increase in cladding provision. Full-year guidance for completions maintained, with strong land bank and disciplined capital allocation.
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Full year guidance for completions and profit is reiterated, with robust sales rates and strong forward sales. Build cost inflation remains low, and outlet expansion is on track for year-end growth. Planning and regulatory changes are positive, but challenges persist in affordable housing and London trading.
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Delivered strong 2024 results with completions and margins at the upper end of guidance, a robust order book, and record customer satisfaction. Early 2025 trading is positive, but market uncertainty persists due to interest rates and cost inflation.
Fiscal Year 2024
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Delivered strong 2024 results with revenue of GBP 3.4 billion and operating profit of GBP 416 million, supported by a robust land bank and improved order book. Guidance for 2025 anticipates 4–8% volume growth, higher average selling prices, and continued operational efficiency.
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Market conditions have stabilized with improved sales rates and strong order book visibility for 2025. Land approvals and cash position remain robust, while cost inflation is flat due to effective management. Full-year volumes are expected at the upper end of guidance, with a balanced customer mix and ongoing planning challenges.
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First half results met expectations with stable margins and strong cash, despite lower revenue. Full-year completions are expected at the upper end of guidance, and the business is well positioned for growth in 2025, assuming supportive market and planning conditions.