Builder Taylor Wimpey hails its own Boris bounce

by

Builder Taylor Wimpey hails its own Boris bounce claiming confidence is growing among buyers

By Daily Mail City & Finance Reporter

Published: | Updated:

Taylor Wimpey boss Pete Redfern has hailed a positive start to 2020

Housebuilder Taylor Wimpey has hailed the ‘clearer political outlook’ following December’s election victory by Boris Johnson.

It said confidence was growing among buyers and that it had made a positive start to 2020.

Chief executive Pete Redfern said: ‘It certainly does not feel that we’ve had the normal sort of boom scenario. 

‘It feels like interest rates are likely to be low for the longer term. 

What we see outside London and the South East is our customers have moved totally beyond Brexit.’

But shares fell 3 per cent, or 6.6p, to 212.4p after it said rising costs and increased building activity hit profit margins. 

Sales rose 6.4 per cent to £4.3billion in 2019, and homes built rose 5 per cent to 16,042.

Although profits rose 3.1 per cent to £835.9million, its margins shrunk from 21.6 per cent to 19.6 per cent.

 

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Source link