May 15, 2018 / 7:09 AM / 2 months ago

Taylor Wimpey to cut short-term owned landbank years; boosts dividend

May 15 (Reuters) - Taylor Wimpey Plc, Britain’s third-largest builder, said on Tuesday it aimed to reduce the length of short-term owned and controlled landbank years to boost landbank efficiency, and raised its annual ordinary dividend from 2019.

As part of its new goals for the next five years to 2023, the company said it the landbank years would be reduced by about a year to 4-4.5 years.

British developers are under pressure from the government to develop unused land or “landbanks” or give them up as the country reels from a housing shortage.

The company said ahead of its capital markets day that market conditions continued to remain stable. It raised its ordinary dividend to at least 250 million pounds ($338.8 million) per annum from 2019, up from at least 150 million pounds earlier.

Taylor Wimpey also said it would pay a special dividend of 350 million pounds in 2019. ($1 = 0.7380 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier)

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