The gravy train keeps rolling for housebuilder Taylor Wimpey PLC (LON:TW.), which said it had made a very positive start to 2019.
As we approach the spring selling season, customer confidence remains robust, the FTSE 100 company said in a statement accompanying its results for 2018.
READ: Taylor Wimpey update reassures but with a bumper dividend yield forecast, some questions remain
The underlying net private sales rate for the year to date was 0.90, up from 0.82 in the same period of 2018.
As at 24 February, the builder said around 47% of its expected completions in 2019 were already sold, and the total order book value stood at £2,170mln, up from £1,961mln a year earlier, excluding joint ventures.
The company said it continues to expect stable volumes in 2019 and for underlying build cost increases during 2019 to be at a similar level to 2018, at around 3-4%.
Revenue in 2018 rose to £4.08bn from £3.97bn in 2017. Profit before tax rose to £810.7mln from £682mln in 2017.
Net cash at the end of 2018 stood at £644.1mln, up 25.8% from £511.8mln at the end of 2017.
"2018 was another strong year for Taylor Wimpey with good progress against our strategic priorities. We delivered in line with our expectations, achieving a strong sales rate and record revenues,” said Pete Redfern, the chief executive officer of Taylor Wimpey.
Grenfell provision barely impacts on Taylor Wimpey’s profits https://t.co/aTMSPAvkiR pic.twitter.com/GseLdVGPGr
— sciencetells (@sciencetells) February 27, 2019
Taylor Wimpey PLC#TW.
story repeats#UK home-builder performs well
pe = 8x
mc = 5.6 bill pic.twitter.com/QYGRppN6QU
— darren (@dlefcoe) February 27, 2019