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Barratt expects FY to be at top end of forecasts
StockMarketWire.com
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House builder Barratt Developments expects full-year profit before tax to be at the top of the range of current analyst forecasts.
It said total completions (including joint ventures) were expected to be around 17,350 for the year, the highest number of completions in nine years.
And it said its commitment to build quality and customer service was reflected in the award of the Home Builder Federation's maximum five star customer satisfaction rating for the eighth consecutive year.
Other highlights:
- Sales rate of 0.80 (2016: 0.78) net private reservations per active outlet per average week
- Total forward sales (including JVs) at record levels, up by 12.7% as at 7 May 2017, to £3,205.7m (8 May 2016: £2,844.0m)
- Net cash position at 30 June 2017 now expected to be around £600m
Chief executive David Thomas said: "This has been another strong period both operationally and financially for the group.
"We remain firmly committed to delivering industry leading build quality and customer service, recognised by the award of the Home Builder Federation's maximum five star customer satisfaction rating for the eighth consecutive year.
"Our controlled approach to growth means we are on track to deliver 17,350 completions in the year, the highest number of completions in nine years.
"This, combined with the strong market backdrop, means we now expect full year profit before tax to be at the top of the range of current analyst estimates."
Story provided by StockMarketWire.com
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