Taylor Wimpey has warned about the impact of planning delays as it revealed pre-tax profits nearly halved last year.
The developer said revenues dropped 20.5pc to £3.5bn in 2023, while profits before tax dropped 47.8pc to £473.8m as buyers grappled with higher mortgage costs.
Shares fell 3.6pc in early trading as it revealed it completed 3,306 fewer homes last year, down 23pc to 10,848, as chief executive Jennie Daly said the “planning environment remains challenging”.
The company highlighted “delays and resource pressures impacting housing land supply”.
It comes as the competition watchdog found this week that planning systems across Britain were “unpredictable”, with many local authorities under-resourced and several without an up to date local plan for housing.
Taylor Wimpey was also named as one of eight of Britain’s biggest housebuilders that are under investigation for suspected illegal information sharing amid fears that collusion in the industry has pushed up prices.
The developer’s shares had gained 24pc over the last six months amid hopes that the Bank of England was poised to begin cutting interest rates this year.
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2024-02-28 09:27:00Z
CBMibGh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDI0LzAyLzI4L2Z0c2UtMTAwLW1hcmtldHMtbGF0ZXN0LW5ld3MtdWstY291bnRyeS1nYXJkZW4tYXN0b24tbWFydGluL9IBAA
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