Barratt Developments Profit Buoyed11 Jul 2018 09:53
LONDON (Alliance News) - Barratt Development PLC said Wednesday it expects profit to increase on last year, driven by a strong end to its financial year.
Shares in Barratt were up 1.4% at 489.50 pence early Wednesday, making it the best performer in the FTSE 100.
The housebuilder expects pretax profit for the year ended June 30 to come in at GBP835 million, increased from GBP765.1 million the year before.
Barratt said total completions rose to 17,579 from 17,395 the year before - the highest level of completions in a decade, according to the company.
The FTSE 100-listed home developer said it saw better-than-expected year-end trading in central London. Since May, Barratt completed 190 private units at an average price of GBP1.2 million.
Barratt's sales rate in the year was 0.72 net private reservations per active outlet per week, flat on last year. In the second half, this increased to 0.77, up from 0.76 year-on-year.
Chief Executive David Thomas said: "It has been a very good year for the group both operationally and financially with strong customer demand for our high quality new homes across our business. As we celebrate our 60th anniversary we have delivered our highest number of completions in a decade, reinforcing our position as the UK's largest housebuilder, whilst continuing to lead the industry in customer satisfaction and build quality.
"We begin the new financial year with a healthy forward order book, a strong cash position and a continued focus on delivery of operational improvements across our business. Across the country we are building much-needed new homes, creating jobs and supporting economic growth."
HOWEVER this is whats killing it....Stocks in London are set to open lower on Wednesday, following a slump in Asian markets overnight as US President Donald Trump seeks to impose further tariffs on China.
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