Shares in Taylor Wimpey (LON:TW) have climbed higher in today’s session as the company delivered a rise in profit for last year. The housebuilder’s results follow those of FTSE 100 peer Persimmon (LON:PSN) earlier in the week.
As of 14:49 GMT, Taylor Wimpey’s share price had added 2.92 percent to 175.95p, outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into the red and currently standing 0.59 percent lower at 7,108.71 points. The group’s shares have lost more than four percent of their value over the past year, as compared with about a 2.5-percent dip in the Footsie.
Taylor Wimpey posts FY results
Taylor Wimpey announced in a statement today that its profit before tax and exceptional items had grown 5.5 percent to £856.8 million last year. The company further reported 2.9-percent growth in completions to 15,275, including joint ventures, and posted net cash of £644.1 million, compared with £511.8 million in the prior-year period. The blue-chip housebuilder said that its UK forward order book stood at 8,304 units as at December 31, 2018, compared with the end of 2017.
“We have made a positive start to 2019 and, coming into the spring selling season, customer confidence remains robust,” Taylor Wimpey said in the statement, adding that it was looking to “increase its pace of build and accelerate growth in 2020, depending on market conditions”.
Analysts on blue-chip housebuilder
The 13 analysts offering 12-month price targets for Taylor Wimpey for the Financial Times have a median target of 187.00p on the shares, with a high estimate of 245.00p and a low estimate of 140.00p. As of February 23, the consensus forecast amongst 16 polled investment analysts covering the blue-chip housebuilder has it that the company will outperform the market.