Barratt releases half year results

Barratt Developments has released its half year results, indicating a strong start to the year.

Completions outside of London were seen to be at the highest level for nine years, and London completions were in line with the planned build programme, with significant uplift expected on wholly owned sites in the second half.

Other highlights included half year profits before tax for the period of £321.0m being up 8.8 per cent and ROCE increasing by 1.5 ppts to 27.0 percent.

Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said:

“As we reported in the January trading update, we have delivered another very strong first half performance, pre-tax profits were up nearly 9 per cent and completions outside of London at their highest level in nine years.

“Whilst we have increased volumes across the UK by 55 per cent in the last five financial years, we have maintained our commitment to build quality and customer service and we are the only major housebuilder with the HBF 5 Star Customer Satisfaction Award.

“With a record forward order book, strong consumer demand and a positive lending backdrop, we remain confident in our outlook for the full year. Our confidence in the business going forward is reflected in the improved and extended Capital Return Plan.”