Housebuilder keeps emphasis of brownfield regeneration and social housing.
Barratt Developments says it has increased its UK housebuild turnover by 6% to almost 拢2.5bn despite 鈥渃hallenging market conditions throughout the last financial year鈥�, but declined to make any assessment of what might happen in the short-term future. The increase in turnover, coupled with an improvement in margins, helped the group make a pre-tax profit of 拢406m, up 11% over 12 months.
Chairman Charles Toner says that with 82% of Barratt homes built on brownfield sites the group is maintaining its position as Britain鈥檚 leading urban regenerator. 鈥淲e also reinforced our leading position in the provision of social housing,鈥� he said.
Looking forward, Toner said that Barratt鈥檚 total land bank now stood at more than 61,000 plots, or more than four years' supply.
He said: 鈥淭he short-term economic outlook remains unclear and it is too early to assess the market for the rest of our financial year. Forward sales now stand at 拢900m, which, together with completions to date, secures over 60% of our full year requirement. We are operating on the assumption that the market will remain challenging but should it improve, we have the land, planning and capacity to respond and increase volume."
