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Barratt Development resumes dividend as profit rises in H1
StockMarketWire.com
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Homebuilder Barratt Developments resumed its dividend payments after reporting an uptick in first-half profit as a rise in completion propped up revenue.
For the six months ended 31 December, pre-tax profit rose 1.7% to £430.2 million year-on-year as revenue climbed 10.1% to £2.49 billion
Home completions for the half year were up 9.2% to a record 9,077.
The company decided to resume dividend payments with an interim dividend of 7.5 pence per share and said it continues to target a full year dividend cover of 2.5 times.
Looking ahead, the company said its outlook for the full year remained in line with its expectations with wholly owned completions expected to be between 15,250 and 15,750 homes with around 650 further joint venture home completions in 2021.
'We have also made a solid start to the second half and are now over 95% forward sold for our financial year. Whilst we are mindful of the continued economic uncertainties, the housing market fundamentals remain attractive and our outlook for the full year remains in line with expectations,' the company said.
Story provided by StockMarketWire.com
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