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Mon November 19 2018

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Barratt profits to reach new high after bumper year

11 Jul House-builder Barratt Developments is set to post record annual pre-tax profit of around £835m after output reach its highest level for a decade.

In a trading update to shareholders, Barratt said that its results for the year to 30th June 2018 would make for happy reading when published in September. Profits would be up 9% on last year’s £765m thanks to a strong end to the financial year and early progress on margin initiatives.

Total completions of 17,579 including JVs (2017: 17,395) was the highest level of completions in a decade.

Chief executive David Thomas said:  "It has been a very good year for the group both operationally and financially with strong customer demand for our high quality new homes across our business. As we celebrate our 60th anniversary we have delivered our highest number of completions in a decade, reinforcing our position as the UK's largest housebuilder, whilst continuing to lead the industry in customer satisfaction and build quality.

“We begin the new financial year with a healthy forward order book, a strong cash position and a continued focus on delivery of operational improvements across our business. Across the country we are building much-needed new homes, creating jobs and supporting economic growth."

MPU

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