Our investment case
We have a compelling investment proposition. We remain focused on driving value and ensuring we are ready and able to take advantage of opportunities.




Strong and resilient
- Experienced senior leadership and highly engaged employees
- Tight control of cost and work in progress, ensuring build rates are aligned with sales rates at a site level
- Increased standardisation to drive quality, savings and incremental operational efficiencies
- Strong balance sheet
- Leveraging Taylor Wimpey Logistics and our new timber frame facility to support security of supply, and increase visibility and speed of build
- Increased use of technology on site and data monitoring to aid simplification and drive decision-making
Differentiated by our landbank
- We have a balance sheet light, industry leading strategic pipeline of c.142k potential plots (31 Dec 2022: c.144k)
- £61bn potential revenue in our landbank across both the short term landbank and strategic pipeline (31 Dec 2022: £61bn)
- High-quality, well-located landbank in places people want to live
- c.8k plots converted from strategic pipeline (2022: c.4k)
- We remain selective in acquiring new sites but will be active where we see good opportunities to create value for shareholders
Sustainable and responsible
- We are driven by our purpose to build great homes and create thriving communities and by our core value to ‘do the right thing’
- 98% of our employees agree that we take health and safety seriously (2022: 98%)
- Net Zero Transition Plan targets validated by Science Based Targets initiative (SBTi)
- In 2023, we launched our zero carbon ready prototype homes trial in Sudbury, the first trial of its kind on a live development site testing low carbon technologies


Reliable shareholder returns
- Highly cash generative business - allows for investment for growth and attractive shareholder returns
- Established, differentiated Ordinary Dividend Policy aimed at providing investors with visibility of the annual income stream they can expect throughout the cycle, including during a normal downturn
- 7.5% of net assets or at least £250 million annually throughout the cycle paid out via an ordinary cash dividend
- Operating profit is defined as profit on ordinary activities before financing, exceptional items and tax, after share of results of joint ventures.
- Operating profit margin is defined as operating profit divided by revenue.
- Return on net operating assets (RONOA) is defined as rolling 12 months’ operating profit divided by the average of the opening and closing net operating assets of the 12 month period, which is defined as net assets less net cash, excluding net taxation balances and accrued dividends.
- Tangible net assets per share is defined as net assets before any accrued dividends excluding intangible assets divided by the number of ordinary shares in issue at the end of the period.
- Adjusted basic earnings per share represents earnings attributed to the shareholders of the parent, excluding exceptional items and tax on exceptional items, divided by the weighted average number of shares in issue during the period.
- Net operating asset turn is defined as 12 months’ rolling total revenue divided by the average of opening and closing net operating assets of the 12-month period.
- The Annual Injury Incidence Rate (AIIR) is defined as the number of incidents per 100,000 employees and contractors, calculated on a rolling 12-month basis, where the number of employees and contractors is calculated using a monthly average over the same period.
- Net cash is defined as total cash less total borrowings.
- Cash conversion is defined as operating cash flow divided by operating profit or loss on a rolling 12-month basis, with operating cash flow defined as cash generated by operations (which is before income taxes paid, interest paid and payments related to exceptional charges).
- Adjusted gearing is defined as adjusted net debt divided by net assets.
- Adjusted net debt is defined as net cash less land creditors.




