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Wed October 16 2019

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Barratt set to beat expectations

10 Jul Britain’s biggest house-builder built more homes in the past year, more profitably, and is set to publish financial results ahead of market expectations.

Barratt Developments said that in the year to 30th June 2019 it completed the construction of 7,856 new homes completed (2018: 17,579 homes). Excluding joint ventures, it built 17,111 homes (2018: 16,680 homes) in the year, an increase of 2.6% on the previous year.

In a trading update today ahead of publication of its annual results in early September, Barratt said that its pre-tax profit would be ahead of market expectations. Market analysts had, on average, had Barratt down for £884m pre-tax profit for the year. Barratt said the actual figure would be around £910m (up from £835.5m the previous year), driven by continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures.

Chief executive David Thomas said: "It has been another very good year for the group both operationally and financially. We have delivered our highest number of completions for eleven years, made further improvements to our margin and as the only major housebuilder to be awarded a 5-Star rating for customer satisfaction for 10 years in a row, we continue to lead the industry in quality and customer service.

'We begin the new financial year with a strong forward order book and cash position, continued focus on the delivery of operational improvements across our business, and an ongoing commitment to deliver the highest quality homes across the country."

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MPU

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