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Taylor Wimpey posts loss after cladding provisions
The FTSE 100 housebuilder reported a first-half loss of £92.1 million as it increased provisions for fire safety and cladding remediation works by £222.2 million following updated risk assessments and investigations.
Excluding the provisions, interim operating profits at Taylor Wimpey fell 11.7 per cent to £161 million, from £182.3 million, in the first six months of the year. Revenue rose 9 per cent to £1.65 billion, from £1.51 billion.
Shares in the housebuilder have fallen 32 per cent over the past year.
BAE Systems raises full-year guidance
BAE’s performance has been boosted by increased defence spending amid geopolitical conflicts
The defence giant nudged full-year profit guidance higher as it reported that operating profit rose 2 per…
