HOUSEBUILDER Taylor Wimpey said it expects profit to be at the high end of estimates this year thanks to stable sales, while a £950m refinancing deal will give the firm more flexible trading conditions next year.
The company has an order book worth £883m, down 8.4 per cent on last year, though the firm said the focus was on margins rather than sales growth in an interim management statement.
Taylor Wimpey also said finance director Chris Rickard would step down and be replaced by Ryan Mangold, the current financial controller.
““It has been the plan for a while,” chief executive Pete Redfern told City A.M. “Our new finance director has been with us for 18 months getting to know the business. While we have some refinancing left to do, it shouldn’t be as intensive as the last round so Ryan should be refocusing on the day- to-day UK business.”
Redfern said the firm’s new debt facility frees the business from previous limits, including a £150m annual ceiling on land purchases.
Taylor Wimpey’s banks include Lloyds, HSBC, Barclays and RBS, as well as company broker JP Morgan.