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Annual Results

Barratt hikes divi after a strong FY performance

06 September 2017 07:23

Barratt Developments has reported another strong performance for the year ended 30 June with pre-tax profits up 12.1% at £765.1m.

The UK's largest housebuilder delivered its highest volumes in nine years.

And it said its commitment to build quality and customer service was demonstrated by the achievement of more NHBC Pride in the Job Awards than any other housebuilder for the 13th consecutive year and the award of the Home Builders Federation maximum five star customer satisfaction rating for the eighth consecutive year.

The group said it achieved the targets set in September 2014 of 20% gross margin and 25% ROCE, with 2017 gross margin at 20.0% (2016: 18.9%) and its highest ROCE in 12 years at 29.8% (2016: 27.1%).

It also continued to strengthen its balance sheet, ending the year with net cash of £723.7m (2016: £592.0m) and with net tangible assets of £3,430.0m (2016: £3,118.0m).

It also announced a 39.0% increase in final ordinary dividend per share to 17.1p (2016: 12.3p) together with 17.3p special dividend per share.

It said forward sales (including JVs) were up 13.8% and as at 3 September stood at £2,749.9m (4 September 2016: £2,416.5m).

Net private reservations per active outlet per average week from 1 July were in line with the prior year at 0.74 (FY17: 0.75).

Chief executive David Thomas said: "This has been another excellent year for the Group. We have delivered a strong operational and financial performance and our highest completion volumes for nine years.

"We are committed to increasing the supply of new homes as the UK's largest housebuilder and we remain industry leading in terms of quality and customer service.

"The Group starts the new financial year in a good position with a strong balance sheet, healthy forward sales and we continue to see robust consumer demand supported by a positive mortgage environment.

"We are focused on driving further operational improvements through the business with a particular focus on margin improvement."

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