House builder Taylor Wimpey increased home completions during 2017 and said it expects further growth over the next 12 months.
Shares in the group dropped more than four per cent in early trading.
The FTSE 100-listed firm reported five per cent growth in completions, which hit 14,541 last year, up from 13,881 in 2016. The group said the average selling price on private completions increased by three per cent to £296,000 from £286,000.
Taylor Wimpey said its order book was valued at £1.6bn at the end of 2017, excluding joint ventures, and said it "ended the year in a robust position", with net cash of £512m, having paid out £450m in dividends to investors last year.
The house builder said it will report results in line with expectations for the 2017 financial year, along with an improved operating profit margin of 21.2 per cent. The company expects to pay out a total dividend of £500m in the 2018 financial year.
"We achieved a strong financial and operational performance in 2017 and are continuing to deliver against our strategy. Despite wider macroeconomic uncertainty, housing market fundamentals remain solid and our trading performance has been good," said chief executive Peter Redfern.
"We were particularly pleased with the improvements in our customer satisfaction metrics during the year, which were the result of a number of changes made to our approach in 2016. In the last six months we recorded average customer satisfaction scores of over 90 per cent, and we will continue to prioritise making further improvements in this area."