Barratt completions up 9%
House-builder Barratt Developments saw no slow-down in the second half of 2015 and anticipates a further acceleration in activity this year.
In a trading update ahead of its results for the six months to 31st December 2015, Barratt said that its half-year completions reached 7,626 units, up 9.4% on the 6,971 completions in the same period of 2014.
Its average selling price was up nearly 11% to £254,000 and total forward sales (including joint ventures) were up 20% to £2,018m. This equates to 9,317 plots (2014: 8,300 plots).
In the second half of 2016 Barratt approved the purchase of £558.7m (2014: £373.1m) of land, equating to 10,967 plots (2014: 7,242 plots) across 54 sites (2014: 53 sites).
Barratt expects to approve the purchase of approximately 16,000 to 18,000 plots in the financial year ending 30th June 2016.
Chief executive David Thomas said: “We have seen an excellent first half performance, increasing our completions by 9% whilst maintaining our industry leading quality. We continue to invest for the future, approving the purchase of £559m of land and investing in training and recruitment programmes to help address the need for additional skilled labour.
“Overall, market conditions are good and we remain confident in our outlook for the full year as we continue to execute our strategies: aimed at ensuring disciplined growth, improving key financial metrics through a focus on efficiency and the continued delivery of attractive cash returns."
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This article was published on 13 Jan 2016 (last updated on 13 Jan 2016).