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Berkeley on track meet guidance, sees annual profit in line with prior year
StockMarketWire.com
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Housebuilder Berkeley said it remained on track to deliver annual profit similar to last year's, in line with guidance, as market fundamentals remained 'strong' supported by low interest rates and undersupply of homes.
Berkeley remains on track to deliver a similar profit to last year's £504 million and forward sales are anticipated to be above £1.7 billion at the year-end.
The estimated future gross margin in the land bank is expected to be in excess of last year's £6.4 billion, with net cash around £954 million, the level reported at the half year.
'The market fundamentals remain strong with low interest rates, under-supply in Berkeley's core markets and the enduring attraction of London and the South East,' the company said.
Looking ahead, the company also said it was on tract to achieve its 15% pre-tax return on equity guidance. Story provided by StockMarketWire.com
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