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No dates given for approvals at Colle Santo and basically admitted that other than Colle Santo and West Newton all their other assets that they spent over £20 million on are worthless.
I also noticed they contradicted themselves on Daybreak, saying it was not a core asset, despite spending £9 million on it, but they did not explain why they did not sell it to Zenith if that was the case. Also did not discuss that Daybreak have failed to file any of their accounts with the SEC
Barratt Developments sees 10% drop in reservation rates in Q1"
UK housebuilder Barratt Developments has said it remains on track to hit targeted home completions despite a much slower start to the financial year as a result of ongoing challenges prospective buyers are finding in securing mortgages.
Chief executive David Thomas said the trading environment since 1 July "remains difficult", as the company reported falls in both private reservations and forward sales.
The declines reflected the impact of higher borrowing costs and the absence of the Help to Buy scheme, which accounted for 12% of private preservations in the first quarter of last year.
Net private reservations per week average 169 in the first quarter, down from 188 the year before, with net private reservations per active outlet per average week falling to 0.46 from 0.55.
With the reservation rate falling, total forward sales as of 8 October totalled just 9,221 homes, down from 13,314 at the same point last year, at a value of £2.36bn, down from £3.60bn.
Barratt said it is now 60% forward sold with respect to private wholly owned home completions, down 10 percentage points on last year.
"The trading environment remains difficult, with potential homebuyers still facing mortgage challenges. Against this backdrop, we are focused on driving revenue whilst continuing to manage build activity and carefully control our cost base," Thomas said.
Nevertheless, Barratt still reckons it will deliver total home completions of between 13,250 and 14,250 during the fiscal year ending 30 June 2024, and said all other guidance remains unchanged.
"Whilst we expect that the backdrop will continue to be difficult over the coming months, we are a resilient business with a strong balance sheet and a highly experienced management team. We remain committed to building the communities that our customers want to live in - delivering high-quality, sustainable homes at competitive prices to help address the country's housing crisis and drive long term, sustainable growth for our business."
Interesting post on Twitter from Lady of Aim. She has said that she has information to say that the Colle Santo asset is worthless. Not sure if this is 100% genuine but she has been right in the past and she is clearly getting the information from somewhere: twitter.com/LadyOfAim/status/1722286212067606726
Greenland asset being acquired shortly IMHO
They have had nearly 2 decades to make money, they are leeching off the company behind closed doors. They will never be competent enough to put an asset here they are clearly busy elsewhere.
I have seen my investment go from 8p to 1p and these useless geriatric directors are doing nothing and ignore my emails.
I have been invested for a long while here and have send my investment drip away. These old geriatrics are just sitting on our money paying themselves handsome wages, and getting away with it for over a decade. When will they actually get an asset to put into here? They have done nothing for years and I have had enough.