Group completions of 7,303 homes (H1 2020: 2,771) excluding joint ventures, completed a record first half performance, partly due to the delayed Q4 2020 completions.

An operating profit margin of 19.3% (H1 2020: (2.1)%; H1 2019: 18.0%) was attributed to Taylor Wimpey’s strong cost and price discipline throughout the business and benefiting from increased completions.

Pre-tax profit recovered to £287.5m from a £39.8m loss on revenue up to 2,196.3m from £754.6m.

Chief executive Pete Redfern said: “We have delivered a record first half performance and a strong operating profit margin performance of 19.3%, which reflects tight cost discipline as well as higher completions in the period.

“Our focus remains on driving further improvement in our operating profit margin and accelerated outlet-driven volume growth from 2023.

“Backed by last year’s equity raise we stepped up our activity in the land market before competition returned and we successfully increased our land pipeline with high-quality sites that will deliver a strong financial performance.

“We are progressing this land through the planning stages as expected, providing excellent momentum for growth, enhanced returns for our stakeholders and increased numbers of new homes.

“We have a clear purpose to deliver high-quality homes and create thriving communities and a strategy to ensure the long term sustainability of the business.

“We now expect to deliver 2021 full year group operating profit of c.£820m, above the top end of consensus, with UK completions (excluding joint ventures) expected to be towards the upper end of our guidance range of 13,200 to 14,000.”