skip to content

Trading statements

Barratt FY to be ahead of forecasts

12 July 2017 07:20

Barratt Developments expects its pre-tax profits for the year ended 30 June to increase to around £765m - up from £682.3m last time and ahead of market forecasts.

Barratt said total completions including joint ventures rose to 17,395 (2016: 17,319), the highest level of completions in nine years.

The group said it expected to deliver the financial targets set in 2014 of 20% gross profit margin and 25% return on capital employed for FY17.

It said the year end net cash balance of c. £720m (30 June 2016: £592.0m), was ahead of guidance and driven by strong performance and the timing of land and working capital payments.

Chief executive David Thomas said: "It has been another very strong year for the Group both operationally and financially.

"We have delivered our highest number of completions for nine years, more than any other housebuilder, and continue to see a positive mortgage environment and strong consumer demand.

"In March we were recognised as a five star builder by the Home Builders Federation for the eighth year in a row and we are determined to lead the industry in quality and service as we drive operational improvements through the business."

Story provided by StockMarketWire.com

Related Company: BDEV

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

aew-banner-180x255.jpg

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.