BUSINESS LIVE: Mike Ashley poised to quit as chairman of Frasers Group; Housebuilder Taylor Wimpey builds record number of new homes; Legal & General sees profits top £1bn

By Jane Denton For Thisismoney and Camilla Canocchi for Thisismoney.co.uk

Published: | Updated:

On Tuesday evening it emerged that Frasers Group chairman Mike Ashley will be stepping down from the helm. 

According to The Telegraph, Ashley will become the retailer group's deputy chairman, with his soon-to-be son-in-law taking the top chairman post.

Housebuilder Taylor Wimpey saw its revenue surge in the last six months, after building a record number of new homes. 

The group completed some 7,303 homes in the six months to 4 July, up from 2,771 in the same period a year ago.

The record first-half performance was due in part to housebuilding delays that struck its fourth-quarter completions.  

London-based asset manager saw its operating profit rise to £1billion in the first half, up from £946million at the same point a year ago. 

Legal & General Group  said it remained 'confident in our collective and successful emergence from the pandemic.' 

  • Camilla Canocchi

    Host commentator

  • Jane Denton

    Host commentator

08:15
Taylor Wimpey shares shoot up 4%

Shares in FTSE 100 Taylor Wimpey have jumped more than 4 per cent to 171.70p after it swung to a first-half profit and upgraded its annual guidance, as construction bounces back following an easing of lockdowns.

Anthony Codling of property platform Twindig commented:

National housebuilder Taylor Wimpey delivered a strong set of half-year results today and raised profit expectations for the full year, demonstrating that there will be life in the housing market after the end of the Stamp Duty holiday.

The high level of homebuyer demand is driven by low interest rates, good mortgage availability and a shortage of stock in the second-hand market.

Looking further ahead, canny land buying during lockdown will allow Taylor Wimpey to accelerate its growth plans in the medium term to deliver more of the homes the country desperately needs.

08:10
Markets on the rise this morning...

Good morning. It's early days, but the FTSE 100 index is currently up 0.51 per cent or 36.56 points to 7,142.28. And the FTSE 250 index is up 0.30 per cent or 70.43 points to 23,360.08. 


BUSINESS LIVE: Mike Ashley poised to quit as chairman of Frasers Group

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Comments 0

Share what you think

No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.

Add your comment

By posting your comment you agree to our house rules.