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Barratt Developments lifts outlook on completions; expects to resume dividends
StockMarketWire.com
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Barratt Developments said it expected to resume dividend payments in February, and the homebuilder lifted its expectations on annual completions following a better-than-expected first half.
The company said it now expected wholly owned completions to be between 15,250 and 15,750 homes in FY21, up from a previous forecast of 14,500 to 15,000.
The company forecast a lower level of completions for its second half relative to the first half, reflecting the reduced level of work in progress carried forward at December 2020 compared to June 2020.
The company reported construction activity in the first half that was slightly ahead of planned output.
For the half year ended 31 December 2020, completions rose to 9,077 from 8,314, up 9.2% year-on-year
The average selling price of homes increased by 1.1% to about £283,000.
Total forward sales as at 31 December 2020 increased by 14.3% to 13,588 homes at a value of £3,212.1 million, up from 13,588 homes at a value of £3,212.1 million.
Baring no material change in the operating environment, the company said it now expects to agree the resumption of dividends with the interim results on 4 February 2021.
Story provided by StockMarketWire.com
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