February 28, 2017 / 7:07 AM / 3 years ago

BRIEF-Taylor Wimpey sees good start to 2017 after FY profits surge

Feb 28 (Reuters) - Taylor Wimpey Plc

* Final dividend 2.29 penceper share

* Target total of £1.3 billion of dividends to be paid in cash to shareholders over period

* Total dividend 2.82 penceper share

* £355.9 million paid in 2016 (2015: £308.4 million)

* c.£450 million declared for 2017 (subject to shareholder approval)

* In 2016 we delivered an excellent performance set against an uncertain political and economic environment that stabilised in final quarter.

* Outlook for 2017 is for ongoing stability and incremental price growth, which is a healthy backdrop for our business and our customers.

* Completed a total of 14,112 homes, including spain, up 4.8% (2015: 13,470), excluding joint ventures

* 10.9% increase in uk total average selling price to £255k (2015: £230k), excluding joint ventures

* Profit before tax and exceptional items £m 733.4 up 22 percent

* We have made a very good start to 2017 and are encouraged by robust trading and levels of demand.

* Whilst wider london market remains robust, prime central london is softer, as previously highlighted, however, house prices are stable, and there are good levels of underlying demand.

* Net private sales rate for year to date (w/e 19 february 2017) has increased to a very strong 0.91 (2016 equivalent period: 0.77).

* 58% of central london private completions for 2017 are forward sold, as at 19 february 2017 (2016 equivalent period: 76%).

* We expect underlying build cost increases during 2017 to be at a similar level to 2016, at around 3-4%. Source text for Eikon: Further company coverage: (London newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below