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News » UK » Barratt set for bumper year » published 10 May 2017

Barratt set for bumper year

House-builder Barratt Developments is having its busiest year for nine years.

Barratt expects to build 16,650 new homes this year, plus a further 700 in joint venture. Not since before the global financial meltdown of 2008 has it built so much in a single year.

Total forward sales (including JVs) are at record levels, up by 12.7% as at 7th May 2017, to £3,205.7m (compared to £2,844.0m a year ago).

In a trading update, Barratt said that pre-tax profits for the year would be at the top end of City estimates, which means around the £730m mark.

Chief executive David Thomas said: “This has been another strong period both operationally and financially for the group. We remain firmly committed to delivering industry leading build quality and customer service, recognised by the award of the Home Builder Federation's maximum five star customer satisfaction rating for the eighth consecutive year. Our controlled approach to growth means we are on track to deliver 17,350 completions in the year, the highest number of completions in nine years. This, combined with the strong market backdrop, means we now expect full year profit before tax to be at the top of the range of current analyst estimates."

 

 

MPU

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This article was published on 10 May 2017 (last updated on 10 May 2017).

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