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23 Jun 2021 | 07:01

Berkeley dismisses shift from London as FY profits rise on strong demand

(Sharecast News) - Housebuilder Berkeley reported a rise in annual profits driven by sales of new homes in London and the South East and government support initiatives during the Covid pandemic. Pre-tax profit for the year to April 30 rose 2.9% to £518.1m as revenue increased 14.7% to £2.2bn. The company maintained long-term guidance of a 15% cumulative pre-tax return on equity until April 2025 and said it expected profits in the next two years to be similar to 2021.

Berkeley said the current boom in demand from buyers looking for larger homes outside London as more people worked from home during the pandemic lockdown "does not represent a permanent structural shift" which would "reverse urbanisation or detract from the attraction of a global city".

"It is a deeply under supplied market and Berkeley's unique approach to placemaking with its focus on community, nature, connectivity and overall quality of place will resonate with customers even more as the country emerges from the pandemic," the company said.
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