Construction News

Thu June 24 2021

Related Information

Berkeley ends up better than expected

17 Jun 20 From the dizzy heights of a year ago, house-builder Berkeley Group has seen its numbers tumble a third in the past year.

For the year ended 30th April 2020, Berkeley Group made a pre-tax profit of £504m on revenue of £1,920m. Both numbers were 35% down on the previous year, when it made £775m from £2,957m turnover. But this was all expected and broadly in line with plans.

Only the onset of Covid-19 at the end of the financial year put a dent in the numbers. Berkeley had been heading for £550m profit before tax before the virus arrived; in March guidance was revised down to £475m, so the actual result was better than more recently expected.

Berkeley Group sold 2,723 homes during the year. Chief executive Rob Perrins said that only half of them were bought by people who actually want to live in them; the other half were bought by investors and speculators, “with overseas customers continuing to see value in the London market”.

Got a story? Email news@theconstructionindex.co.uk

MPU

Click here to view more construction news »