Completion record for Barratt Developments

Completion record for Barratt Developments”

The company suggested a final dividend of 17.1p, compared to 12.3p for past year, with a special dividend of 17.3p.

In the last 3 months the Barratt share price has risen 4%.

Total average selling price rose six per cent to £275,200, while the average price private homes were sold at rose even more - eight per cent to £313,100.

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

But total completions edged up just 0.4 per cent to 17,395, while land creditors made up 37 per cent of its owned land bank.

Meanwhile, gross margin improved to 20% from 18.9% and its operating margin increased to 17.2% from 15.8%. Return on capital employed of 29.8% is comfortably ahead of the 25% goal, although this has been boosted by the group's policy of deferring payment for new land where possible.

Profit from operations rose 20% year-on-year to GBP799.2 million from GBP668.4 million. Barratt Developments Plc has a 12 month low of GBX 430.40 and a 12 month high of GBX 630.78. In July, Barratt said a Reuters consensus showed analysts had estimated annual pretax profit to be between GBP699.0 million to GBP740.0 million.

As of September 3, forward sales including joint ventures rose 13.8% to GBP2.75 billion compared with GBP2.42 billion.

"This has been another excellent year for the group.

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", said Chief Executive David Thomas.

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.

Although the housebuilder said it continues to monitor the market following the UK's Brexit vote past year, it believes there is still ample opportunity available.

Barratt Developments PLC (LON:BDEV) and Berkeley Group PLC (LON:BKG) have led shares in housebuilders lower today after warning on London housing sector troubles and Brexit uncertainty.

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