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Taylor Wimpey's FY'17 pretax profit down 7% YOY


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Taylor Wimpey's FY'17 pretax profit down 7% YOY

U.K-based homebuilder Taylor Wimpey PLC's pretax profit for the 2017 full year came to £682.0 million, a decrease of 6.9% from £732.9 million in 2016.

Profit before tax and exceptional items amounted to £812.0 million, up 10.7% from £733.4 million in the prior-year period.

Full-year profit totaled £555.3 million, down 5.8% year over year from £589.3 million at the hands of a net exceptional charge of £105.0 million in relation to the leasehold provision recognized during the period.

EPS totaled 16.9 pence, a 5.6% decline from 17.9 pence in 2016.

Revenue climbed 7.9% on an annual basis to £3.97 billion from £3.68 billion.

Adjusted operating profit rose 10.1% year over year to £841.2 million from £764.3 million.

The final ordinary dividend of 2.44 pence per share for 2017 will be paid May 18 to shareholders on record as of April 6, subject to shareholder approval. Together with an interim dividend of 2.30 pence per share, the total ordinary dividend for the year comes to about 4.74 pence per share, compared to 2.82 pence per share for 2016.

The company said in its earnings release that in 2018, shareholders will receive a total dividend of about 15.3 pence per share, comprising an ordinary dividend of 4.9 pence per share and a special dividend of 10.4 pence per share. The special dividend is subject to shareholder approval at the company's 2018 annual general meeting April 26.

Taylor Wimpey completed 14,842 new homes during the year, up 4.6% from 14,185 in 2016.