Spreadex Market Update
Positive Taylor Wimpy figures
A slip of a decimal place was to blame; the group have increased profits by 81.1% this year, citing a significant improvement from operational performance in the UK, with a 35% increase of new plots approved for purchase and a 6% increase to overall customer satisfaction.
While the group admits the Spanish arm of the business faces significant headwinds owing to a challenged economic climate, that part of the business amounts to 1.5% of the group’s total operations only.
Results such as these could help to provide a catalyst to would-be buyers of a stock that trades under 7 times 12-month forward earnings and offers 100p of assets per 90p of stock so long as the market can be seen to have not accurately forecast the above earnings.
It will be closely followed going forward to see whether Taylor Wimpey’s 52-week underperformance of the All-share continues to improve.
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