Taylor Wimpey has reported a 7.3% fall in its half year revenue to £1.5bn in the six months to the end of June.

The housebuilder also posted an operating profit of £182.3m, down 22% on H1 in 2023.

As a result, Taylor Wimpey has ended H1 with a net cash of £584m, which compared to £654.9m at the halfway point of 2023.

Despite these falling figures, Taylor Wimpey remained upbeat in its latest trading statement as it also welcome the new Labour Government’s planning proposals as an “important early step” to delivering more homes across England.

Chief executive at Taylor Wimpey, Jennie Daly, said the group had still managed to deliver a “good financial and operational performance” in H1, against a relatively stable market backdrop.

“Looking to the second half, our performance to date means we now expect to deliver 2024 full year UK completions towards the upper end of our previous guidance range of 9,500 to 10,000 and group operating profit in line with current market expectations.

“Though it is early days for the new Government, we welcome their recognition that planning is a major barrier to economic growth, of which housebuilding is a significant component, and we look forward to working constructively with them to deliver much needed new homes across the UK.

“Taylor Wimpey is a strong and agile business with a sharp operational focus. With the benefit of our high-quality landbank and strong financial position, we are well positioned for growth from 2025, assuming supportive market conditions.”

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, added: “While double-digit profit declines are never easy for investors to stomach, that’s not a bad showing in the context of things. Housebuilders are cyclical beasts, with their fortunes tending to wax and wane in line with the health of the economy.

“And competitors are struggling too, with some posting much bigger profit slumps than this. Given performance was always expected to be weighted to the second half, Taylor Wimpey’s built itself a solid foundation to deliver.”

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