Taylor Wimpey posts drop in 1H revenues and profit after 'substantial' rise in mortgage rates

Taylor Wimpey posted a sharp drop in first half revenues and profit amid a backdrop of "substantially" higher mortgage rates.

The residential developer said that revenues shrank by 21.2% to reach £1.64bn, alongside a drop of nearly 29% in its profit before tax to £237.7m, for earnings per share of 5.0p.

Management highlighted what it termed as the company's "resilience" and said its focus in the back half of the year remained on optimising all areas of its operations, calling attention to its "robust" balance sheet and "excellent" landbank.

Net cash at period en stood at £654.9m, up from £642.4m in the year earlier period.

Its interim dividend was bumped up from 4.62p per share to 4.79p.

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