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Annual Results

Berkeley pre-tax profits up 53%

21 June 2017 07:29

Berkeley Group's pre-tax profits rose by 53% to £812.4m in the year to the end of April.

Revenues were up by 33% at £2,723.5m and operating profits rose by 50.7% to £756.2m.

Berkeley said it had now delivered £1.3bn of the £2.0bn pre-tax earnings target for the three financial years ending 30 April 2018 that it set in June 2015.

Berkeley said it had good visibility of the forthcoming financial year and beyond, with total cash due on forward sales over the next three years of £2.74bn.

Berkeley also reiterated its earnings guidance for the five years ending 30 April 2021 of at least £3.0bn of pre-tax earnings, anticipating earnings for 2017-18 of at least the level of 2016/17.

The group said: "The housing market in London stabilised in the second half of the year, following the disruption either side of the EU Referendum, and reservations for the 2017 calendar year have recovered to 2015 levels.

"Notwithstanding this, uncertainty over Brexit remains and this, coupled with the impact of high SDLT and multiple demands from the planning system in London, mean that supply in our capital will remain constrained and not reach the levels required."

Chairman Tony Pidgley said: "Berkeley has delivered another strong performance in a fast-changing environment.

"We have a deep understanding of our market and real clarity about the fundamental hallmarks of our business: quality, community and a long-term focus on value creation."

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