The company completed 7,303 homes in the six months ended July 4, 2021, compared to 2,771 a year ago when pre-tax profits jumped from a loss of £ 39.8m in revenue to £ 287.5m 2,196.3m from £ 754.6m.
Pete Redfern, Chief Executive, said: “We achieved a record performance in the first half of the year and a strong operating profit margin of 19.3%, reflecting strict cost discipline and higher completions during the period.
“Our focus remains on further improving our operating profit margin and accelerating sales-driven volume growth from 2023 onwards.
“Supported by the equity increase last year, we intensified our activities on the property market before competition returned and we have successfully increased our land pipeline with high quality locations that deliver strong financial performance.
“As expected, we are bringing this property through the planning phase and offering excellent growth impulses, higher returns for our stakeholders and an increased number of new apartments.
“We have a clear goal of delivering quality homes and creating thriving communities and a strategy to ensure the long-term sustainability of the business.
“We are now assuming that we will have a consolidated operating profit of approx. 820 million for the full year 2021.”
Taylor Wimpey is now aiming for profit margins of 22%, adding: “lIf we look further into the future, we will have excellent momentum in the medium term and are well positioned for accelerated volume growth from 2023. “
The company has allocated £ 165 million for fire protection cladding. It said: “Where we own the buildings we carry out assessments of the buildings and where work is required we procure them. If a third party owns the building and we have been contacted by the owner or the management company, we will sit down with them about the assessment process. “
Taylor Wimpey said rising house prices would offset the surge in materials.
It said: “While prices and supply chains are under pressure for certain materials such as wood and steel due to strong global demand, sharp rises in house prices completely offset construction cost inflation.
“Our central sourcing team and logistics business continue to work closely with our supply chain to understand and track the origin of our components and sub-components, as well as inventory levels within the supply chain. This helps to make our material supply transparent and to identify and avoid potential bottlenecks. “