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10 Jul 2019 | 07:22

Barratt Developments expects profits ahead of expectations amid 'strong' close to year

Homebuilder Barratt Developments said it expected pre-tax profits to be ahead of market expectations amid a 'strong' close to the year and additional contribution from joint ventures.

Profit before tax expected was expected to be be ahead of market expectations at around £910m, up from £835.5m last year, driven by 'continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures,' the company said.

The completed a total of 17,856 homes, with wholly owned completions up by 2.6% to 17,111 homes from a year ago.

The sales rate for the year was 0.70 net private reservations per active outlet per week and its total average selling price for the year was about £274,000, down from £288,900.

'It has been another very good year for the Group both operationally and financially. We have delivered our highest number of completions for eleven years, made further improvements to our margin and as the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for ten years in a row, we continue to lead the industry in quality and customer service,' said David Thomas, Chief Executive.

'We begin the new financial year with a strong forward order book and cash position, continued focus on the delivery of operational improvements across our business, and an ongoing commitment to deliver the highest quality homes across the country."

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