Taylor Wimpey PLC (LSE:TW.) initiated a share buyback as it reported strong growth in annual revenue and profit as the UK housing market went into overdrive.
Revenue of £4.28bn were generated for 2021, up 53.6% on the prior year, while operating profits more than doubled to £828.6mln from £300.3mln in 2020.
The FTSE 100 housebuilder benefitting from a rise in selling prices and improved cost control, with operating profit margins jumping to 19.3% from 10.8%.
The board proposed a final dividend of 4.44p, as well as a £150mln share buyback.
"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," said Pete Redfern, the outgoing chief executive.
The company reiterated its growth targets for 2022 of low-single-digit growth for completions and, in spite of build cost inflation currently running at around 6%, further progress is expected towards a target operating margin of 21-22%.
Redfern, who led the merger of George Wimpey and Taylor Woodrow in 2006, resigned in December, with the board choosing its first female chief executive, Jennie Daly, to replace him in April.