According to results for the year ending December 31 2021, the business achieved 14,087 home completions against 2020’s 9,609. This compares to the pre-pandemic 16,042 of 2019.
The firm’s revenue in 2021 was £4,284.9m, close to 2019’s £4,341.3m. Pre-tax profit jumped 157% to £679.6m but was still notably down on the £835.9m of two years ago. Operating profit saw a rise to £828.6m from 2020’s £300.3m and only a little behind 2019’s £850.5m. Operating profit margin lifted from 2020’s 10.8% to 19.3%..
TW said that the spring selling season had “started well,” with its net private sales rate for the year to date at 1.02 per outlet per week, compared to the 0.91 of last year’s equivalent period.
The business said it continued to expect low single-digit year-on-year completion growth this year and to progress towards its 21-22% operating margin target.
Pete Redfern, the housebuilder’s CEO, who is due to step down in April, said: “I am very pleased with our operational, financial and customer service performance in 2021. Demand 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.”
