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02 Sep 2021 | 07:44

Barratt Developments FY profits surge amid 'strong' demand

(Sharecast News) - Housebuilder Barratt Developments reported a 65% jump in full-year profit on Thursday amid "strong" demand.

In the year to 30 June, pre-tax profit rose to £812.2m from £491.8m the year before, with revenues up 40.7% at £4.8bn. Meanwhile, total completions were 36.8% higher at 17,243.

The company declared a dividend of 29.4p per share, having not paid one in 2020 and up from a dividend of 29.1p in 2019.

Chief executive David Thomas said: "We have begun the new financial year in a strong position and, whilst there are still uncertainties ahead, our strong balance sheet, forward order book visibility and construction activity to date all stand us in good stead.

"There is very strong demand for houses across the country and we play a crucial role in providing the high quality and sustainable homes this country needs. As we work towards our medium term target of growing completions to 20,000 homes a year, we are committed to doing so as the leading national sustainable housebuilder - building homes which have a positive environmental, social and economic impact today and into the future."

As far as current trading is concerned, Barratt said net private reservations per active outlet per average week was at 0.83 from 1 July through to 22 August, 11.7% below the equivalent initial post-lockdown period in FY21, but 22.1% above the same period in FY20.

Meanwhile, forward sales as at 22 August were 15,734 homes, up from 15,660 at the same time last year, with a value of £3.9bn, up from £3.7bn.

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