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Housebuilder Barratt confirms profits up 19%

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  • 06/02/2019
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Housebuilder Barratt confirms profits up 19%
Barratt Developments saw profits before tax for the second six months of 2018 reach £408m, a rise of just over 19%.

Revenues over the same period grew by just 7.2% to £2.13bn, with the builder pointing to “operating efficiencies” meaning the firm enjoying healthier margins.

Completions at Barratt, one of the largest housebuilders in the UK, reached 7,622, up by 4.1% on the same period in 2017.

This is notable given that in the year to June 2018, Barratt managed its highest completion levels in a decade, with 17,579 homes completed.

Net private reservations have dropped slightly, from 0.78 per active outlet per average week to 0.74. However, forward sales have jumped by 7.3% to reach £3bn, compared to £2.8bn this time last year.

David Thomas, chief executive of Barratt, said the firm had delivered a “strong operational and financial performance across the half year”.

He continued: “Operating efficiencies are delivering improved margins and our controlled and disciplined business model means we have a high-quality land bank, strong forward sales, excellent financial position and efficient cash flow generation.”

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