UK Homebuilders Cut Guidance, Scrap Dividend on Slow Recovery [BNN Bloomberg (Canada)]
TAYLOR WIMPEY UNSP/ADR (TWODY)
NASDAQ:AMEX Investor Relations:
taylorwimpey.co.uk/corporate/investor-relations
Company Research
Source: BNN Bloomberg
rates, outlooks from Crest Nicholson Holdings Plc, Henry Boot Plc and Watkin Jones Plc show. Henry Boot expects profitability for 2024 to be significantly below current market consensus of £37.2 million ($47.4 million) as it anticipates another difficult year ahead, it said in a statement. “The group is well positioned to benefit when our end markets recover, however we expect there will be a lag in performance due to the time it takes for projects and sales to complete,” the company said. The homebuilder expects sales rates at its premium division, Stonebridge Homes, to continue improving, though it's conservative with estimates of completions for 2024 and predicts that a recovery in residential sales will be more weighted to 2025. Crest Nicholson reported “disappointing” revenue of £657.5 million, a 28% drop from a year earlier, citing ongoing weakness in the housing market. Medium-term prospects for the sector remain positive given the structural under-supply of housing and
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