Taylor Wimpey results don’t reassure investors

Shares in FTSE 100 construction firm Taylor Wimpey (LON:TW.) dropped by 6.09% to 124.85p (as of 14:20 BST) after the firm announced a 56.4% drop in revenues for the six months ended 28th June. Pricing was consistent with a year earlier, but sales rates were cut significantly during lockdown.

CEO Pete Redfern commented: “I am pleased with Taylor Wimpey’s performance during a very challenging time and am proud of the resilience, principled approach and agility that our teams have shown.

“Our performance for the first half of 2020 has been impacted by the closing of our sites and sales centres but we have now reopened all sites successfully and safely and have returned to a sustainable level of sales and build. We are delighted that our NHS and care workers discount scheme has been taken up by over 1,200 households to date.

“Looking ahead, balance sheet strength, a long order book and our high quality and growing landbank gives us confidence in our ability to navigate the challenges and emerge stronger from the pandemic. While uncertainties remain, we are confident in the underlying fundamentals of the housing market“.