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Barratt Developments PLC on Thursday said backed its full-year guidance, despite a decline in home completions. The Leicestershire, England-based housebuilder said it expects adjusted pretax profit for the year ended June 30 to be in line with current market expectations of £880.6 million, down 16% from £1.05 billion a year prior. Barratt Developments said home completions during the year were 17,206, down 14% from 19,908 the year before. Going into financial 2024, it expects between 13,250 and 14,250 home completions during the year. The company added its balance sheet strength was maintained during financial 2023, with year-end net cash of around £1.07 billion, down 6.1% from £1.14 billion a year prior. The slight decrease results from the completion of a £200 million share buyback programme and land spend of around £820 million, Barratt explained. The buyback programme, which was launched last September, is intended to reduce Barratt’s share capital. Looking ahead, the company noted a solid order book for financial 2024, with total forward sales, including joint ventures, of 8,995 homes in 2023 at a value of £2.22 billion, down 39% from £3.62 million. Barratt will publish its full-year results on September 6. Shares in Barratt were down 4.7% at 398.50 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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