Barratts Profits Up by 12% While Volumes Remain Static

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Barratts Profits Up by 12% While Volumes Remain Static

Housebuilders, Barratts Developmemts PLC, today reported their final results for the year ended 30 June 2017.

The business reported growth in profits before tax, up by 12.1% to £765.1m, delivering 20% gross margin and 29.8% ROCE. House building volumes remained static, with 17,395 completions in the year to date, compared to 17,319 last year.

The company paid a 39% increase in ordinary dividend per share to 17.1p (2016: 12.3p).

Forward sales (including joint ventures) were reported as up by 13.8% at £2,749.9m, compared to last September’s figure of £2,416.5m.

Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said: “This has been another excellent year for the Group. We have delivered a strong operational and financial performance and our highest completion volumes for nine years.

“We are committed to increasing the supply of new homes as the UK’s largest housebuilder and we remain industry leading in terms of quality and customer service.

“The Group starts the new financial year in a good position with a strong balance sheet, healthy forward sales and we continue to see robust consumer demand supported by a positive mortgage environment.

“We are focused on driving further operational improvements through the business with a particular focus on margin improvement.”

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