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House builder Taylor Wimpey swung to a first-half profit and upgraded its annual guidance, as construction bounces back following an easing of lockdowns.
Pre-tax profit for the six months through June amounted to £287.5 million, compared to a year-on-year loss of £39.8 million.
Revenue almost tripled to £2.20 billion, up from £754.6 million, as home completions jumped to 7,303, up from 2,771.
Taylor Wimpey said it achieved a strong operating margin of 19.3%, compared to negative 2.1% year-on-year and 18.0% in the first half of 2019, also due to cost and price discipline.
The company reinstated its interim dividend of 4.14p per share.
Looking forward, Taylor Wimpey said it now expected full-year operating profit to be around £820 million, above the top end of consensus.
Completions were expected to be towards the upper end of our guidance range of 13,200 to 14,000 homes.
'The UK housing market remains strong, underpinned by low interest rates, good mortgage availability and government support for customers,' Taylor Wimpey said.