House builder, Taylor Wimpey, said it is positioned for growth, after reporting a dip in revenue and profit in its 2024 annual results.
Revenue for the year to 31 December 2024 fell 3 per cent to £3.4 billion from £3.5 billion the year previous.
The house builder generated a 23 per cent decrease in pre-tax profit from £473.8 million in 2023 to £320.3 million in 2024.
Meanwhile, group operating profit fell 11.5 per cent to £416.2 million down from £470.2 million.
Group completions for the year including joint ventures were 10,593 down from 10,848 in 2023.
The firm also said it has increased its cladding fire safety remediation provision by £88.0 million.
In 2022, Taylor Wimpy recorded a total provision for cladding fire safety remediation works of £245 million.
It said the increased provision this year was due to higher costs on recent tenders.
During the year the firm spent £28.5 million on remediation works and continued to progress work with building owners, management companies and leaseholders.
It has now identified 203 buildings within the scope of the provision.
In terms of outlook, as of 23 February 2025, Taylor Wimpey’s total order book was £2.2 billion (2024: £1.9 billion), comprising 8,021 homes (2024: 7,402 homes).
Jennie Daly, Chief Executive, said: “I’m pleased with our performance in 2024, delivering a strong sales rate and in line results while achieving the highest customer service scores and overall build quality that we have ever had at Taylor Wimpey.
“The start of the Spring selling season has been robust, and we have seen good levels of demand for our homes.
“As a result, our total order book is up on last year, putting us in a strong position to grow housing volumes this year.
“We expect to deliver full year 2025 UK completions in the range of 10,400 to 10,800.
“We welcome the Government’s recent planning reforms which are capable of delivering a real step change in planning outcomes.”
Julie Palmer, partner at Begbies Traynor, said: “Taylor Wimpey’s cautious outlook for 2025 highlights the ongoing challenges in the housing market, with the group grappling with inflationary pressures on build costs and affordability issues, particularly in the South of England.
“Although the group’s order book is up year-on-year and the Spring selling season has shown promise, the housebuilder remains cautious about rising build costs and their potential impact on margins.”
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