Taylor Wimpey (LON: TW.) shares dipped Thursday despite the company reporting UK home completions at the upper end of its guidance for 2024.
The stock is currently down around 2.75% at 111.2p a share, adding to its recent decline. Taylor Wimpey has fallen approximately 33% in the last three months.
The housebuilder announced total UK completions, excluding joint ventures, of 9,972 homes, slightly below the 10,356 recorded in 2023. The overall Group completions, including joint ventures, reached 10,593, compared to 10,848 the previous year.
CEO Jennie Daly highlighted a “good performance” throughout 2024, with operating profit expected to align with previous guidance.
The company reported a net private reservation rate of 0.75 homes per outlet per week, up from 0.62 in 2023.
However, the average selling price on private completions dropped to £356k from £370k, with overall pricing in the order book showing a slight year-on-year decline due to weaker pricing in the South of England.
Despite the solid operational performance, the market's reaction reflected broader concerns.
The company said that while price negotiations for 2025 are ongoing, they anticipate increased build cost pressure as a result of the changed economic backdrop, including as suppliers seek to factor in the impacts of the recent UK Budget.
Taylor Wimpey ended the year with a strong order book valued at £1.995 billion, an increase from £1.772 billion in 2023.
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