Monday, September 26, 2022

UK’s Taylor Wimpey raises annual outlook, swings to H1 profit By Reuters

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© Reuters. FILE PHOTO: A Taylor Wimpey closed building site, as the spread of the coronavirus disease (COVID-19) continues in St Albans, Britain, March 24, 2020. REUTERS/Paul Childs/File Photo

(Reuters) – UK homebuilder Taylor Wimpey (LON:) Plc on Wednesday joined bigger rivals in forecasting sustained demand in the medium term and returned to a half-year profit as Britain’s housing sector boom stands to outlast the tax holiday period.

Britain’s third-largest homebuilder forecast 2021 operating profit of about 820 million pounds ($1.14 billion), above the top end of the company-compiled consensus range of 756-808 million pounds.

Pre-tax profit for the six months ended July 4 came in at 287.5 million pounds, compared to a loss of 39.8 million pounds in the pandemic-hit period a year earlier.

($1 = 0.7182 pounds)

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