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Thu December 12 2019

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Berkeley profits down 21%

19 Jun House-builder Berkeley Group made a pre-tax profit of £775.2m in the year to April 2019, which was at the top end of market expectations but still down 21% on the previous year’s £977m.

Revenue for the year was up 4% to £2,957m, completing 3,698 new homes.

A year ago, Berkeley was expecting profits to be down 30% this time, given market dynamics, so chairman Tony Pidgley was happy the results. “This has been another year of solid performance for Berkeley, delivering financial results ahead of expectations while unlocking an increasingly valuable mix of social, economic and environmental benefits for the communities in which we work,” he said.

Berkeley remains strongly placed, with net cash of £975m, up from £687.3m a year ago, forward sales of £1.8bn and an estimated £6.2bn of gross profit in its land holdings.

In December 2016, Berkeley set a plan to deliver £3.0bn of pre-tax profit over the five years to April 2021.  It is currently 18% ahead of this target.

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