But shareholder group pushing to reject chief executive’s remuneration package at AGM today
Ahead of its AGM today, Taylor Wimpey has announced that it has reduced its debt by around £90m since the start of the year.
The housebuilder made a market announcement this morning, stating that net debt had been reduced to £660m, down from £751m at the end of 2009. The reduction is in line with chief executive Pete Redfern's aim of reducing debt and increasing cash.
Redfern has been under pressure from shareholder campaign group Pirc, which has suggested that shareholders reject the chief executive's remuneration of £1.7m – including an £800,000 bonus for debt reduction, cash generation and refinancing – at today's AGM.
Taylor Wimpey's interim statement ahead of the AGM, which wil be held at 11am, said: “Market conditions remain encouraging, with continued gradual improvements in mortgage availability and buyer confidence.”
The statement went on to say that private sales have been in line with the same period in 2009, although prices are up by approximately 9% (a real-terms rise of 4%). It ended with a note of concern over a lack of consented land.