Key facts
- Taylor Wimpey cut its housing and profit targets, blaming a subdued property market.
- Shares in the housebuilder slipped after the cuts.
- Taylor Wimpey said a consultation on local team structures may result in some limited redundancies.
- The company has not given an indication of redundancy numbers among its 4,500 staff, Construction Enquirer reported.
Taylor Wimpey cut its housing and profit targets and blamed a subdued property market, and its shares slipped after the announcement. The primary report did not date the target cuts or state the size of the share move.
Separately, Taylor Wimpey told Construction Enquirer it is carrying out a consultation on changes to local team structures that may result in some limited redundancies. The report, dated November 9, said the company has not given an indication of redundancy numbers among its 4,500 staff. Taylor Wimpey said in the statement that it is committed to a fair consultation process across the affected teams and is providing dedicated support to those involved.
Construction Enquirer reported that the job losses would be spread nationwide and are part of a cost-cutting drive that has included cutting payouts to shareholders. It said the reductions are understood to be on a much smaller scale than the program at rival Vistry.