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Highlights:

  •  Taylor Wimpey delivered 5,264 home completions in H1FY25, up 11% YoY including JVs.
  •  Taylor Wimpey recorded a GBP 92.1 million pre-tax loss in H1FY25 due to safety and regulatory charges.
  •  Taylor Wimpey maintains FY25 UK completions guidance of 10,400–10,800 homes.

Taylor Wimpey plc (LSE:TW.), one of the UK’s major residential developers, reported its financial and operational results for the first half of 2025, marked by increased home completions but weighed down by significant one-off costs. The company completed 5,264 homes in H1FY25 (including joint ventures), representing an 11% year-on-year increase from 4,728 in the same period last year.

Group operating profit came in at GBP 161.0 million, down from GBP 182.3 million in H1FY24, mainly due to a GBP 20 million unexpected charge linked to historical remediation work by a principal contractor. This charge, along with an increased fire safety provision of GBP 222.2 million and a Competition and Markets Authority-related provision of GBP 18.0 million, contributed to a reported loss before tax of GBP 92.1 million, compared to a profit of GBP 99.7 million in the prior period.

The interim dividend for H1FY25 was set at 4.67 pence per share, slightly below last year’s 4.80 pence. The company continues to expect full-year UK completions of 10,400 to 10,800 homes (excluding joint ventures), with full-year group operating profit now projected to be around GBP 424 million, reflecting the one-off charges. In terms of operations, Taylor Wimpey achieved a net private sales rate of 0.79 homes per outlet per week during H1, improving on last year’s 0.75. Excluding bulk deals, the figure stood at 0.73. As of 29 June 2025, the company’s order book, excluding joint ventures, included 7,269 homes with a combined value of GBP 2.12 billion, up from GBP 2.01 billion a year earlier.

The total UK average selling price (ASP) on completions decreased 1.3% year-on-year to GBP 313,000. The company operated from an average of 206 outlets in the first half, ending the period with 209. Taylor Wimpey noted improvements in build quality with a Construction Quality Review (CQR) score of 4.97, up from 4.92 in H1FY24. In recent trading (four weeks to 27 July 2025), the net private sales rate dropped to 0.59 per outlet per week, down from 0.64 in the equivalent period of 2024. The cancellation rate remained unchanged at 19%. The total order book value stood at GBP 2.19 billion, representing 7,452 homes, with 74% of orders exchanged.

Looking ahead, the company expects an improvement in H2 operating profit margin, driven by higher volumes, ASP mix, and fixed cost recovery. Build cost inflation is anticipated to remain in the low single digits. Taylor Wimpey retains a low adjusted gearing profile and expects to end 2025 with approximately GBP 350 million in net cash, subject to land investment. An Investor and Analyst Event is scheduled for 1 October in London, where management will provide further insights into the company’s strategic positioning for the next market cycle.

TW shares were trading 5.42% lower at GBX 101.34 per share as of 30 July 2025.