Housebuilder Taylor Wimpey delivered a double-digit surge in housing completions, though a substantial £222.2m charge for rectifying combustible cladding plunged the firm into a half-year loss.
Shares tumbled nearly five per cent during early morning trading, as reported by .
The developer constructed 5,264 homes during the first six months of 2025, marking an increase from the 4,728 properties completed in the corresponding period last year, the company announced to markets this morning.
Revenues climbed nine per cent to £1.65bn, with "robust" performance in the opening quarter followed by more subdued activity in the second.
Nevertheless, Taylor Wimpey recorded a pre-tax loss of £92m, reversing last year's £99m profit.
The deficit stemmed primarily from an enlarged fire safety provision of £222.2 million following a fresh evaluation of the company's risk exposure regarding bringing buildings up to fire-safe standards in the aftermath of Grenfell.
"We have long maintained that leaseholders should not bear the cost of fire safety remediation, and our focus has always been on ensuring that residents in Taylor Wimpey buildings have a clear path to resolution," the company said.
The Grenfell tragedy in 2017, which claimed 72 lives, triggered a seven-year inquiry that exposed "substantial and widespread failings" across the construction industry and its oversight.
The catastrophe's severity was attributed to flammable materials employed in the tower's cladding and insulation.
Wimpey also absorbed an additional £15.8m following a probe by the º£½ÇÊÓƵ's competition watchdog into anti-competitive behaviour among seven housing developers. The Competition and Markets Authority's investigation culminated in a £100m "package of commitments" agreement with the housebuilders, aimed at addressing competition concerns raised by the CMA.
The developers have not conceded to any market manipulation.
Jennie Daly, Chief Executive, stated: "We delivered a good underlying performance in the first half of 2025 in line with our expectations, notwithstanding softer market conditions in the second quarter. While affordability remains constrained, particularly amongst first-time buyers, lenders remain committed to the º£½ÇÊÓƵ mortgage market and long term fundamentals are positive, with significant unmet need for º£½ÇÊÓƵ housing. The safety of our customers remains our highest priority – this principle has consistently guided our approach, and we have increased our cladding fire safety provision to reflect findings from updated fire risk assessments and investigations in the first half."
Taylor Wimpey maintained its guidance for full year º£½ÇÊÓƵ completions of between 10,400 to 10,800, with operating profit for 2025 now expected to be £424m.
