Housebuilder also reports booming forward sales for coming year
Berkeley Group has defied weak sentiment in the housing market by flagging full-year results at the top end of estimates.
In a trading statement the urban regeneration specialist, led by chief executive Tony Pidgley, said forward sales in the year ending 30 April 2009 and beyond are 鈥渨ell in excess鈥� of 2007 levels.
The current consensus forecast for the year ending 30 April 2008 is turnover of 拢1bn and pre-tax profit of 拢212m.
It said reservations in the past four months were 20% below historic levels but the drop was balanced by the favourable market conditions on which it capitalised on in the first half.
Kaupthing analyst Kevin Cammack said: 鈥淗ow typically Pidgley! When the industry is booming sound cautious, when it's sinking sound optimistic. Its statement reads very confidently given these troubled times for housebuilders.鈥�
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