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Barratt flags development fears about Brexit impact

by: Fiona Nicolson
  • 14/07/2016
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Barratt flags development fears about Brexit impact
Barratt Developments has announced a 5.3% increase in completions in the last year and forecasts a profit uplift of 20%, to £680m, but its trading update also reflects the company’s worries about the impact of Brexit.

David Thomas, Barratt’s chief executive said: “The disciplined growth in completion volumes reflects the strength of our sector leading build and sales teams.”

Thomas also said that it was too early to say what the impact of EU uncertainty might be, adding: “The sector continues to receive focused government support, mortgage availability is good and there remains an under-supply of new homes. With a strong balance sheet and forward order book, and industry leading quality and customer service, we remain confident in the positive fundamentals of both the housing sector and our business.”

However, Barratt’s trading update also reported that reassessing land approvals was a possibility, as it weighs up the impact of Brexit.

The company said that it was  “mindful of the greater uncertainty now facing the UK economy” and had put contingency plans in place, including risk reduction measures, such as reassessing land approvals, while it continues to monitor the market.

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