Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Taylor Wimpey PLC (TW.)

  Print      Mail a friend       Annual reports

Monday 28 June, 2010

Taylor Wimpey PLC

Trading Update

RNS Number : 3171O
Taylor Wimpey PLC
28 June 2010


28 June 2010


Taylor Wimpey plc

Trading Update


Taylor Wimpey plc is issuing the following update on trading ahead of its Half Year Results for the period ending 4 July 2010, which will be announced on 3 August 2010.


The Group as a whole continues to perform in line with our expectations in a gradually improving, but still uncertain, trading environment.


UK Housing


The UK housing market has maintained an encouraging level of stability since our Interim Management Statement on 29 April.  Mortgage availability has improved slowly since the start of the year.


Private sales rates for the year to date remain broadly in line with those achieved in the first half of 2009 at an average of 0.58 sales per site per week, net of cancellations (H1 2009: 0.61).  We saw a slight softening in sales around the time of the General Election, although sales performance has strengthened in recent weeks.  Our order book remains strong and we are now 83% sold for our full year targeted completions.


Our focus remains on achieving price improvement rather than increasing volume, and prices on reservations have shown a further slight improvement since our Interim Management Statement.  Cancellation rates remain at historic low levels, with the year to date average running at 16% (H1 2009: 19%).


We expect to complete around 4,650 homes in the first half of the year (H1 2009: 4,702) at an average selling price of approximately £167k (H1 2009: £153k).


We had an average of 297 active outlets for the year to date (H2 2009 average: 322) and expect a similar level in the second half.  We have continued to be active but selective in the land market, and have concluded a number of deals, as sellers targeted completion before the expected changes to Capital Gains Tax.  We will remain cautious about the scale and pricing of our land buying whilst the broader economic uncertainty remains.


North America Housing


Pricing in our US markets has remained stable in 2010 to date.  Year to date sales rates for North America are in line with the equivalent period in 2009, albeit from a reduced average number of active outlets of 136 for this year to date (H2 2009 average: 174).  In the US, the average sales rate per site per week, net of cancellations, is 0.43 for the year to date (H1 2009: 0.46).


Our business in Canada continues to perform strongly.  It has delivered a significant improvement in net sales per site per week to 1.18 for the year to date against 1.00 for the first half of 2009.  Our Canadian business also makes a strong contribution to our North America order book and we are now 78% sold for expected 2010 completions.


We expect to complete approximately 1,800 homes in North America in the first half of the year (H1 2009: 1,933) at an average selling price of around US$300k (H1 2009: US$275k).


Activity levels in the US land markets continue to increase as we see focus for land buying broaden from short term assets to the medium term and longer term.  We remain focused on selective deals where we can earn strong returns over the medium term.


Spain & Gibraltar Housing


We expect to complete approximately 75 homes in the first half of the year (H1 2009: 72) at an average selling price of around £233k (H1 2009: £288k).


Group financial position


We expect to have reduced net debt to approximately £650 million at the period end (31/12/2009: £750.9 million), including the effect of accelerating selected creditor payments from the second half to take advantage of available operating cashflow covenant headroom.   


The consultation period in respect of the proposed cessation of the defined benefit accrual in the George Wimpey Staff Pension Scheme is now complete and the scheme will close to future accrual on 31 August 2010.




We believe that the underlying shortfall of new build housing and the strong levels of demand will continue to underpin pricing in the housing market in the UK.  In the short term, however, with ongoing political and economic uncertainty, we continue to run the business on a cautious basis, with selective land investment and an ongoing focus on costs and cash.  In the medium term, we remain concerned that the shortage of consented land will artificially constrain the recovery in industry volumes and this will be exacerbated by the impact and timing of changes in planning policy following the General Election.  Although the recent UK Budget did not contain new measures that we would expect to have a detrimental impact on the housing market, we remain concerned regarding future spending reviews that could impact on housing initiatives, particularly the level of Social Housing Grant.


In the US, we continue to expect volatility in key market metrics over the next few months as the distorting impact of the cessation of the Homebuyer Tax Credit unwinds.  We do, however, remain of the view that clearer signs of a sustainable recovery will become apparent towards the end of this year. The Canadian market has continued to perform well and we expect market conditions to remain robust for the foreseeable future.


Our active cost reduction, high quality landbank and strong order book position us well to continue to increase sales and profitability as markets recover.





For further information please contact:


Taylor Wimpey plc                                                                  Tel: +44 (0) 20 7355 8109

Pete Redfern, Group Chief Executive

Chris Rickard, Group Finance Director

Jonathan Drake, Investor Relations


Finsbury                                                                                  Tel: +44 (0) 20 7251 3801

Faeth Birch

Clare Hunt


Notes to editors:

Taylor Wimpey plc builds homes in the UK, North America, Spain and Gibraltar. It aims to be the homebuilder of choice for customers, employees, shareholders and communities.


For further information, please visit the Group's website:

This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t