LONDON, Sept 11 British housebuilder Barratt
Developments reported a 74 percent jump in full-year
pretax profit and said it had made a strong start to the new
financial year as the country's housing recovery spreads beyond
London and south east England.
The company, Britain's largest housebuilder by volume, said
on Wednesday profits before tax and exceptional items for the
year to the end of June rose to 192.3 million pounds ($302
million), from 110.7 million pounds last year.
After exceptional items of 87.5 million pounds, which were
related to the company's refinancing and the impairment of a
commercial joint venture, pretax profits were 104.8 million
pounds. Revenues rose 12.2 percent to 2.6 billion pounds.
The adjusted pretax profit number came in at the top end of
analyst predictions, Thomson Reuters data showed.
"These are significantly improved results and we have had a
very strong start to the new financial year," Chief Executive
Mark Clare said.
"We are seeing the housing market recovery starting to
spread beyond London and the south east with a 29.4 percent
increase in our average net private reservation rate across the
Barratt said private forward sales were up 44.4 percent to
880.4 million pounds at Sept. 8, and that it was continuing to
see good opportunities to buy land that met its minimum
standards of 25 percent return on capital employed.
Britain's housing market has revived in recent months thanks
to a recovering economy and government schemes to help
struggling buyers. A survey on Tuesday showed British house
prices recorded their fastest rise in almost seven years last
month and sales volumes jumped to a multi-year high.
The company also said it was proposing a final dividend of
2.5 pence per share.