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Help to Buy helps boost Barratt profits

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  • 06/09/2017
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Help to Buy helps boost Barratt profits
Housebuilder Barratt Developments has announced profits before tax jumped by 12% in the year to the end of June.

The firm’s before tax profits rose from £682m to £765m, with revenues increasing by almost 10%.

While Barratt emphasised that it had delivered its highest volumes in nine years, in reality this was only slightly up on last year, with 17,395 completions compared to 17,319 in the previous year.

The larger profits are down to achieving higher prices on those completions, with average selling price increasing by 6% to £275,200.

In its statement, the firm said that it was committed to increasing the supply of homes across the UK, noting the government’s support for improving the rate of housing production, and predicted a “modest” increase in sales volumes next year.

David Thomas, chief executive, noted that market conditions remain positive, “with attractive mortgage financing and the support of Help to Buy driving strong consumer demand”.

He added: “We are committed to investing in the future of housebuilding. We continue to offer a range of graduate, apprentice and trainee programmes and are one of the largest employers of apprentices in the industry. In addition, we have successfully trialled a programme to recruit and train ex-forces personnel in site management. We also continue to develop, trial and implement modern methods of construction which can help address industry-wide skills challenges and support future growth.”

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