Taylor Wimpey Says Home Demand Remains ‘Strong’: The London Rush

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Taylor Wimpey Says Home Demand Remains ‘Strong’: The London Rush
Credit: © Reuters

(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

Taylor Wimpey Plc (LON: TW ): The homebuilder expects its full year operating profit to be towards the top end of analyst estimates despite build cost inflation of between 9% and 10%, citing “strong” demand for homes.

  • The company says the housing market fundamental “remain positive” supported by an imbalance between supply and demand — as well as plenty of “attractively priced” mortgages despite recent increases in the Bank of England base rate

Bank of Ireland Group Plc (LON: BIRG ): The Irish bank has more than doubled the number of new current accounts it opened as it sweeps up customers from banks exiting the Irish consumer space.

  • The bank now expects its net interest income to be “modestly higher” than 2021, while its business income will also be higher than last year

Rolls-Royce Holdings Plc (LON: RR ): The British manufacturer’s 1.8 billion euro deal to sell Aeronautics company ITP Aero to a consortium led by Bain Capital Private Equity has been approved by the Spanish government.

Outside The City

Liz Truss extended her poll lead over leadership rival Rishi Sunak, according to YouGov. It comes as Truss could sharpen the Bank of England’s focus on fighting inflation in a shakeup of the central bank’s mandate. 

Meanwhile, a leading think tank has concluded that the UK economy is already in recession as the cost of living crisis has devastating consequences for household incomes. 

In Case You Missed It 

Uber Technologies Inc (NYSE: UBER ) is expanding its Uber Travel feature for UK customers, letting users book and manage trips to Europe. Users will be able to buy Eurostar rail tickets from London to destinations including Paris, Brussels and Amsterdam. 

And BNP Paribas (OTC: BNPQY ) raised base salaries for junior bankers in the UK as the lender looks to retain talent, people familiar with the matter told Bloomberg. 

Looking Ahead

The Bank of England is expected to raise interest rates again tomorrow, potentially opting for a 0.5% increase, in an attempt to control rampant inflation.

Thursday is also set to be another busy day of company earnings with miner Glencore (LON: GLEN ) Plc (OTC: GLNCY ), high street brand Next Plc (LON: NXT ) and manufacturer Rolls-Royce Plc (LON: RR ) all reporting results.

For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

©2022 Bloomberg L.P.

© Bloomberg. A plastic sheet on the door to a home under construction on a Taylor Wimpey Plc new housing development in Maldon, U.K., on Thursday, Jan. 21, 2021. House prices boomed during 2020, reaching a record high in December as a tax cut spurred Brits to upgrade their living situations after months of working from home.

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