Taylor Wimpey (TW) H2 2024 earnings summary

Executive summary

• Delivered strong 2024 results with a net private sales rate of 0.75 per outlet per week, group completions of 10,593 units, and highest ever construction quality and customer scores.

• Revenue for 2024 was GBP 3.4 billion, with operating profit before exceptionals at GBP 416 million and margin at 12.2%.

• Entered 2025 with an improved order book of GBP 1,995 million (7,312 homes), up from GBP 1,772 million (6,999 homes) at end 2023.

• Maintained reliable dividend payouts, with 2024 dividend per share at 9.59p and a final ordinary dividend of 4.66p proposed for May 2025.

• Maintained a strong balance sheet, positioning for growth as market conditions improve.

Financial highlights

• Group completions reached 10,593 in 2024, with U.K. completions at 9,972, near the upper end of guidance.

• Revenue for 2024 was GBP 3.4 billion, down 3.2% year-over-year.

• Operating profit was GBP 416 million, with exceptional items totaling GBP 98.2 million, mainly from fire safety provisions and JV exit charges.

• Blended average selling price was GBP 319,000, with a 3.8% reduction in private pricing.

• Net cash at year-end was GBP 565 million, with average net cash during 2024 at GBP 494.5 million.

Outlook and guidance

• 2025 U.K. volume guidance (excluding JVs) is 10,400-10,800 completions, a 4%-8% increase over 2024, with about 45% in H1.

• Group operating profit for 2025 expected in line with consensus of GBP 444 million; net finance charges around GBP 20 million.

• Order book as of late February 2025 stands at 8,021 homes, up from 7,402 a year earlier.

• H1 2025 operating margin expected to be lower year-on-year due to lower order book pricing, reduced land sale impact, and low single-digit build cost inflation.

• Market outlook supported by strong demand, stable mortgage rates, and population growth.