In the year to 31st December 2021, Taylor Wimpey generated revenue of 拢4,285m, which was 54% up on 2020鈥檚 拢2,790m) but not quite at 2019鈥檚 拢4,341m.
Profit before tax of 拢679.6m was way up on 2020鈥檚 拢264.4m but some way down on 2019鈥檚 拢835.9m.
However, notwithstanding "the challenging geopolitical, macro-economic and regulatory environment", further 'modest' growth is expected this year.
鈥淒emand for our homes remains strong and we continued to drive significant margin improvement in 2021, as we optimise selling prices and maintain our strong focus on cost efficiency,鈥� Pete Redfern said.
鈥淎ssuming the market remains broadly stable, we continue to expect to deliver low single digit year on year completions growth in 2022 and to make further progress towards our 21-22% operating margin target. We expect 2022 year end net cash to be around 拢600m, depending on the timing of land payments. Build cost inflation is currently running at c.6% and, at this stage, we expect sales price growth to continue to offset build cost inflation in 2022.鈥�
He said: "With the opportunistic purchase of additional land over the last 18 months, our land pipeline leaves us well placed to accelerate high-quality, profitable volume delivery from 2023, generating additional value and compelling investor returns.鈥�
The board has decided to return excess cash of approximately 拢150m in 2022 through a share buyback programme, with an initial tranche of 拢75m expected to be completed in the next three months.
On the fire safety and cladding issue, Taylor Wimpey has already made substantial provisions for remedial works 鈥� 拢165m as of March 2021. Proposed additional commitments from the industry in relation to buildings over 11 metres would require 鈥渁n additional modest provision鈥�, Pete Redfern said.
Pete Redfern has been chief executive of Taylor Wimpey since 2007. As previously reported, he is leaving the company after the annual general meeting on 26th April, to be replaced by Jennie Daly, currently group operations director.
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