Housebuilder reports surge in pre-tax profit and revenue in full-year results
Barratt has posted strong figures in its full-year results as the housebuilder reported a surge in pre-tax profit and revenue.
Pre-tax profit jumped 44% to 拢566m in the year to June 2015, up from 拢391m the previous year.
Revenue rose by 19% to 拢3.76bn, up from 拢3.16bn during the previous 12 months.
Housing completions stood at 16,447, up 11% from 14,838. Total forward sales including JVs were up by 32% as at 6 September 2015 at 拢2.32bn compared to the previous year.
Chief executive David Thomas (pictured) said the housing market remains 鈥渧ery positive鈥� with strong demand in the sector.
In his statement, Thomas said: 鈥淭he lending environment is supportive with the borrowing rates on offer to our customers remaining at extremely low levels.
鈥淭he Government is committed to increasing the supply of new homes, we have greater clarity on housing policy, and in particular believe the extension of the Help to Buy scheme through to 2020 in England will support an increase in new housing supply.
鈥淭he land market remains attractive and we continue to secure excellent new development opportunities across all regions that at least meet our minimum hurdle rates.鈥�
He added: 鈥淐urrent trading is strong, we are confident on the outlook, and expect to make further good progress in the current financial year.鈥�
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