(Alliance News) - Barratt Developments PLC on Wednesday raised its interim dividend and boosted its special returns programme after a "strong first half performance" which saw the FTSE 100 housebuilder post earnings growth.
In the six months to December 31, revenue was 6.3% higher year-on-year at GBP2.27 billion from GBP2.13 billion, with pretax profit climbing 3.7% to GBP423.0 million from GBP408.0 million.
Total home completions jumped 9.1% to 8,314, Barratt's highest during a half in 12 years.
Chief Executive David Thomas said: "We have achieved a strong first half performance, delivering continued volume growth and making good progress against our medium term targets. We have made a good start to our second half and with substantial net cash, a well-capitalised balance sheet and strong forward sales, the outlook for the full year is in line with our expectations."
Barratt upped its half-year dividend by 2.1% to 9.8 pence per share from 9.6p the year prior.
The company also extended its capital returns plan, proposing special returns of GBP175 million in November 2021, on top of the GBP175 million planned for this November.
The company also hailed its "strong" forward sales book value which at February 3, was 0.2% higher year-on-year, totalling GBP3.03 billion across 13,043 homes.
Barratt shares were 3.6% higher at 850.20 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Barratt Developments (BDEV)