nice starting point..

19 December: Citigroup: Neutral - TP Down: from 110.00p to 104.00p

21 December: BDEV Panmure Gordon: Reiterates Buy - TP: 158.00p

Things have gone pretty much as expected for housebuilder Barratt Developments.

The share were recommended as a margin progression play, as the group sold houses on plots of land that it bought cheaply during the slump. The group's focus on the South East of England, which hasn't been hit as hard by the downturn, was also a supportive factor.

Questor's predictions duly came to pass and the group also managed to refinance its debt. This meant the shares hit 116p in May, before they were dragged down in the second half.

Although things do not look rosy in UK plc, meaning the housing market will remain sluggish for some time, structural shortage of housing in the country bodes well for the future. However, banks need to start lending again to first-time buyers for the shares to outperform.

The shares remain a buy.

BDEV: Northland Capital Partners reiterate Add - TP unchanged at 120p.

Trading Statement.

Strong first half performance

Barratt Developments PLC (the "Company") is today issuing a trading update for the Company and its subsidiaries (the "Group") in respect of the six months to 31 December 2011 ("the period") ahead of its interim results announcement on 22 February 2012.

Highlights

-- Group revenues of c. GBP950m, an increase of c. 8% on the prior year equivalent period, with total completions of 5,198 units (Note 1)

-- Average selling price ("ASP") increased by c. 3% against the prior year equivalent period to GBP181k, with private ASP increasing by c. 4% to GBP200k, driven by further positive changes in mix

-- Group operating profit expected to be c. GBP61m, a c. 40% increase on the prior year equivalent period, with operating margin improving to c. 6.4% versus 5.0% in the prior year equivalent period

-- Recently acquired higher margin land continues to be brought into production and is expected to contribute more than a third of this financial year's completions

-- Net debt as at 31 December 2011 was lower than previous guidance at around GBP550m
-- Total forward sales as at 31 December 2011 up 8.1% on the prior year equivalent period at GBP698.1m, with private forward sales up 29.8% to GBP415.3m

Once again - no longer a penny share.

got a few of these and may add

You can have mine for 145p.,.

thanks pal :-)

Sold this morning. Will buy again on the next dip sub 95p.

Just closed for +17

..Questor share tip: Barratt starts the year in fine fettle

By Garry White | Telegraph – 3 hours ago
....
Share0EmailPrint......
Housebuilder Barratt Developments issued an upbeat interim update yesterday and said it had entered the second half of its year with a much stronger order book.

Barratt Developments 107.2p+10.2p Questor says BUY

In the six months to December 31, revenues rose 8pc to £950m after it completed a total of 5,198 units. The average selling price rose by 3pc to £181,000 and the company’s total orders are up 8.1pc compared with the same point last year. The order book for private housing is up by almost 30pc, but shared-equity deals remain a significant driver of business, as mortgage financing remains difficult to find.

Group operating profits were boosted by 40pc to £61m, with margins up to 6.4pc from 5pc.

The shares were recommended as a margin play as a tip of the year in 2011. They finished the year slightly ahead, but the share price has really taken off this year following a number of positive updates from other players in the sector.

The trend is for better-than-expected volumes. This is combined with improving margins due to the land bank the company bought at cheaper prices in the downturn to boost profitability.

Group net debt at the end of December was about £550m, which is lower than previous guidance of £620m.

The investment case remains intact. Cheaper land bought in the downturn is leading to higher profitability without any substantial rise in house prices.

The shares are trading on a June 2012 earnings multiple of 14.6, falling to just 9.3 in 2013.

The yield is 0.3pc, rising to 1.9pc.

The shares were first tipped on January 2, 2011 at 88.65p, but were also tipped as high as 118½p in May. They are down 10pc from this high. Buy.

..

Investec initiates buy on Barratt Developments, target price 180p.

Oh really.. when's that then? -):

Half Yearly Report.

Substantial increase in profits

Highlights:

· Revenues for the half year to 31 December 2011 increased by 8.6% to £952.8m (2010: £877.6m)

· Average selling price increased by 3.1% to £181,200 (2010: £175,800), with private average selling price increasing
by 4.2% to £199,900 (2010: £191,900) driven by further positive mix changes

· Profit from operations was £61.1m (2010: £43.5m), a 40.5% increase, with operating margin increasing to 6.4% (2010: 5.0%)

· Profit before tax of £21.6m (2010: loss before tax of £4.6m)

· Recently acquired higher margin land continues to be brought into production and is expected to contribute more than one third of this financial year's completions

· 98% (2010: 97%) of customers would recommend us to a friend

· Net debt as at 31 December 2011 was £542.2m (31 December 2010: £537.0m) and is forecast to be lower than previously expected at around £350m at 30 June 2012 (30 June 2011: £322.6m)

· Strong start to the second half with the Group delivering 246 (FY 2010/11 equivalent period: 202) private sales per week, up 21.8% in the seven weeks to 19 February driven by both an improved sales rate of 0.61 (FY 2010/11 equivalent period: 0.55) private sales per active site per week and new site openings. Overall underlying prices remain stable

· Private forward sales as at 19 February 2012 were up by 24.3% to £693.2m (20 February 2011: £557.9m)

· Second half gross margin and operating profit expected to increase from the prior year equivalent period

23 Feb: BDEV: UBS Reiterates: Buy - TP up from 140p to 170p.

Bring it on the sooner the better.

Looking good this morning along with TW.

Have a look at PSN then! That may be the reason for the whole lot going up!

very nice hopeyou hold harry.,.