| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Barratt pretax profits up 8.8%
StockMarketWire.com
|
Barratt Developments posts pre-tax profits of £321.0m for the six month to the end of December - up 8.8% on last time.
Completions outside of London were at their highest level for nine years while London completions were in line with the group's planned build programme, with significant uplift expected on wholly owned sites in the second half.
The group said ROCE increased by 1.5 ppts to 27.0%, reflecting its fast build and sell model and it maintained industry-leading customer satisfaction and build quality.
It said that completion growth was expected in the second half with record total forward sales (including JVs) as at 19 February up 17.0% at £3,018.2m.
Net private reservations per active outlet per average week rose to 0.77 (2016: 0.76).
The group also announced an improved and extended capital return plan with ordinary dividend cover re-set at 2.5 times and special dividends of £175m in November this year and November 2018.
Chief executive David Thomas said: "As we reported in the January trading update, we have delivered another very strong first half performance, pre-tax profits were up nearly 9% and completions outside of London at their highest level in nine years.
"Whilst we have increased volumes across the UK by 55% in the last five financial years, we have maintained our commitment to build quality and customer service and we are the only major housebuilder with the HBF 5 Star Customer Satisfaction Award.
"With a record forward order book, strong consumer demand and a positive lending backdrop, we remain confident in our outlook for the full year.
"Our confidence in the business going forward is reflected in the improved and extended Capital Return Plan."
Story provided by StockMarketWire.com
|
|
|
|
|
|
