Taylor Wimpey Share Discussion Threads

[sir rational] 30/6/2011 08:07

If you can keep your head when all about you are losing theirs...

[spennysimmo] 30/6/2011 07:56

Boring or stable?

[imastu pidgitaswell] 30/6/2011 07:50

Possibly the most boring trading statement I have ever read...

All fine, nothing bad, nothing new, virtually zero new information.

Interesting to see what the market makes of it.

[sir rational] 30/6/2011 07:27

Mixed bag for the day - TM not quite sorted, we don't know the numbers; UK turnover lower than LY but margin well ahead of LY; reassuring in the land bank & order book.

Huge buy but not sure the mkt will see it that way at first.

[retsius] 30/6/2011 07:22

Phew,good review and TM sale seems to be reaching completion.Should give the share price a.good rise

[sir rational] 30/6/2011 07:21

We are well positioned to deliver further margin improvement in the UK, beyond our double digit operating margin target for 2012

[spennysimmo] 30/6/2011 07:20

That'll do.

[mashraf] 30/6/2011 07:14

Print Thursday 30 June, 2011Taylor Wimpey PLC
Trading Statement
RNS Number : 4295J
Taylor Wimpey PLC
30 June 2011





30 June 2011



Taylor Wimpey plc

Trading Statement and update on sale of North American business



The Group's UK operations have traded in line with our expectations in the first half of 2011 and we expect to deliver a strong improvement to margins as anticipated. We are focused on delivering margin improvement on our existing land portfolio, continued progression of strategic sites through the planning system and the addition of new sites where good opportunities are identified.



The sale of our North American business is nearing completion, with all of the required regulatory and governmental approvals now received. We will update the market once the transaction is complete.



Taylor Wimpey plc will announce its Half Year Results for the period ending 3 July 2011 on 3 August 2011.



Pete Redfern, Group Chief Executive, commented:



"I am very pleased with our ongoing performance improvement in the UK and we have made good progress towards completing the sale of our North American operations. We are well positioned to deliver further margin improvement in the UK, beyond our double digit operating margin target for 2012, through the development of our extensive strategic land portfolio."



UK Housing



We have seen continued stability in UK market conditions since our Interim Management Statement in April. There are ongoing signs of incremental improvement in mortgage lending, although the level of mortgage approvals remains very restricted. We are working with the industry and the Council of Mortgage Lenders in order to facilitate further improvement and have secured funding to help over 1,200 first time buyers across England get on the property ladder through the Government's FirstBuy scheme.



We are currently operating from 313 outlets, compared to 284 at 4 July 2010. Private sales rates, net of cancellations, average 0.56 sales per site per week for the year to date, broadly in line with the first half of 2010 (H1 2010: 0.58). Cancellations remain at historic low levels, with the year to date average running at 15% (H1 2010: 16%).



We expect to complete around 4,550 homes in the first half of the year (H1 2010: 4,804 homes) at an average selling price of approximately £170k (H1 2010: £168k).



We remain focused on maximising the value achieved from each home completion and expect to report a strong improvement in the UK operating margin at the half year results (H2 2010: 6.7%). We have delivered a further improvement in the margin on sales in our order book and we are now 79% sold for our targeted full year completions (H1 2010: 83% of target).



We maintain our consistent, disciplined approach to land acquisition and have approved the purchase of 5,257 new plots on 55 new sites since the start of 2011. In addition, we have entered into a land sale and partnership agreement with Harworth Estates, the property division of UK Coal plc, for a portfolio of 16 strategic land sites with the potential to deliver up to 4,000 homes. We continue to promote our strategic land portfolio through the planning process and have transferred c7,500 plots into the short term land portfolio over the last 18 months, equivalent to approximately 50% of completions over the same period.



We continue to engage with the government and with local authorities as the Localism Bill progresses through Parliament. We have commenced a significant programme of internal training and are rolling out a framework of processes to position our business to benefit from the opportunities that the proposed new planning system will provide.



North America Housing



Following the announcement of the conditional sale of our North American business on 31 March 2011, the parties have now obtained all of the required regulatory and governmental approvals. We will update the market once the transaction is complete.



We expect the North American business to deliver approximately 1,750 completions for the first half (H1 2010: 1,843) at an average selling price of around £198k (H1 2010: £200k). The North American business will be reflected as a discontinued operation in our half year results.



Spain Housing



Market conditions remain challenging in Spain with restricted mortgage lending and the strength of the Euro against Sterling.



Board change



We have released a separate announcement this morning regarding the appointment of Mike Hussey, Chief Executive of Almacantar, as an Independent Non Executive Director with effect from 1 July 2011.



Outlook



We continue to expect a relatively stable market in the UK over the remainder of 2011, despite the ongoing economic uncertainty and restricted mortgage availability.



Our financial strength and track record of delivering planning consents makes us an attractive partner for landowners and we are in a strong position to invest in our short-term and strategic land portfolios where attractive opportunities are identified. We continue to drive further margin improvement from our existing UK landbank and remain on track to achieve our target of double-digit operating margins in the UK in 2012, subject to continuing stable market conditions. We expect to deliver further margin improvement beyond 2012 through the development of our extensive strategic land portfolio.







-ends-





For further information please contact:



Taylor Wimpey plc Tel: [phone]

Pete Redfern, Group Chief Executive

Ryan Mangold, Group Finance Director

Jonathan Drake, Investor Relations



Finsbury Tel: [phone]

Andrew Dowler



Notes to editors:



Taylor Wimpey plc develops communities in the UK, North America and Spain. It aims to be the developer of choice for customers, employees, shareholders and communities.



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



www.taylorwimpeyplc.com




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

END

[spennysimmo] 30/6/2011 07:13

30 June 2011
Taylor Wimpey plc
Board Changes
Appointment of Independent Non Executive Director
The Board of Taylor Wimpey plc announces the appointment of Mike Hussey as an
Independent Non Executive Director with effect from 1 July 2011.
Mike is Chief Executive of Almacantar, a private property investment and development
company which he founded in February 2010. Almacantar owns Centre Point and Marble
Arch Tower in London's West End. Mike is also a Trustee of Photographers Gallery
Limited.
Mike has held a number of senior roles in the property sector, most recently as an
Executive Board Director of Land Securities plc with responsibility for its London portfolio.
Prior to Land Securities, Mike was head of Leasing and Marketing for Canary Wharf Group
plc. He is a former partner at Knight Frank, a former Chairman of the Regeneration and
Development Committee of the British Property Federation and a former Trustee of
LandAid, the property industry charity.
Kevin Beeston, Chairman, commented:
"I am delighted to welcome Mike Hussey to the Board of Taylor Wimpey as an
Independent Non Executive Director. He brings an extensive knowledge of the property
industry and both the London and national market to the Company, along with a proven
strategic focus."
*There are no other details that require to be disclosed in respect of the
appointment of Mike Hussey pursuant to Rule 9.6.13 of the UK Listing Rules.

[slytherin] 29/6/2011 17:54

A little reminder of the impact of the sale (or otherwise):

At Completion, the net cash proceeds arising from the Disposal are expected to be approximately $923m (£575m at the current exchange rate2), after estimated transaction costs of approximately £20m.
It is intended that the net cash proceeds of the Disposal will be applied to reduce the Group's borrowings, resulting in an overall increase in its financial flexibility. The net cash proceeds will strengthen the Group's financial position and capacity to invest in its UK homebuilding business, enabling it to benefit from future opportunities, especially in the
land market. In addition, it has been agreed with the Group's pension fund trustees that £32.5m of the proceeds of the Disposal will be paid into the Group's UK pension funds. As a result of the Disposal, the Company will retire the £350m "Facility A" of its £950m syndicated revolving credit facility. The reduction in net borrowings will result in a reduction in the margin of 50 basis points on the syndicated revolving credit facility due to lower
gearing. The margin on its £100m Prudential/M&G Fund Facility will also reduce by 50 basis points. Although the net cash proceeds arising from the Disposal will strengthen the Group's financial position and reduce borrowings, the Disposal is expected to be earnings dilutive initially.

[slytherin] 29/6/2011 17:42

Clearly no positive rumours today

[sir rational] 29/6/2011 15:06

Big day tommoz

[shaws37] 29/6/2011 12:03

UK service sector sees biggest fall for 15 months





Cut the VAT back to 17.5 for a start. Recession looming probably.

[imastu pidgitaswell] 29/6/2011 11:06

Peel Hunt - rhyming slang?

[broadwood] 29/6/2011 10:54

Peel Hunt Taylor Wimpey PLC 29/06/11 09:55 Reiterates Sell Sell 0 27.00 27.00

[sir rational] 29/6/2011 09:07

We've all got war stories ;-)

[imastu pidgitaswell] 29/6/2011 09:03

My personal frustration with this is that I bought into these with proceeds from the sale of a fair chunk of SNR shares bought for 25p and sold for 36p. Current SNR share price is 175p.

I'm not bitter...

[spennysimmo] 29/6/2011 09:01

The funny thing is, a positive trading update with no TM news will bring mixed emotions I would think.

[imastu pidgitaswell] 29/6/2011 08:59

I think we all do...

Usually have some leak beforehand, but seen nothing - as noted a couple of weeks ago, they did explicitly state in their last update that the deal was expected to complete by close of Q2, subject to regulatory stuff, the sun shining etc.

Stuck in the doldrums for now. Wot price a late afternoon surge?

[spennysimmo] 29/6/2011 08:53

I wonder if there will be any TM confirmation in tomorrow's trading update.

[jibba_jabba] 29/6/2011 08:47

UK Mortgage Approvals 0930 Forcast 46K Previous 45K

US Pending Home Sales 1500 Forcast 2.4% Previous -11.6%

[fewdollarsmore] 29/6/2011 08:35

Can she hold above 37p

[shaws37] 28/6/2011 22:45

Home repossession fears exaggerated, says Bank governor

[sequoia] 28/6/2011 22:41

Will the DOW drop 235p tomorrow ?
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