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A trading statement from the firm said Barratt Group expected a profit of 拢61m in the six months to the end of December 2011 up from 拢43.5m for the same period in 2010.

It said the rise was driven by greater efficiency and new building on higher margin land. The firms operating margin increased to 6.4%over the six month period.

Mark Clare, chief executive of Barratt Group, said: 鈥淭his has been yet another six months of good progress for our business despite the wider economic uncertainty. We have delivered a further substantial increase in profits, brought debt in below expected levels and are starting the second half with a much stronger forward order book.鈥�

The housebuilder said its net debt at the end of December was 拢550m - lower than previously forecast.

Its forward sales were boosted by 8.1% and stood at 拢698.1m at the end of the year. Private sales had growth of 29.8% and represented 59% of the forward sales.

The company鈥檚 revenues also rose by 8% to 拢950m over the period. It attributed this to a higher volume of completions and an increase in the average selling price to 拢200,000 from 拢181,000.

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