Barratt Developments today reported a 10% rise in half-year commercial property turnover, while housebuilding turnover remained flat.
In its half-year results for the six months to 31 December, Barratt reported commercial turnover of £30.4m, up from £27.7m for the same period the previous year. The division posted an operating profit of £300,000 compared with a loss of £6.6m the previous year.
During the period, Barratt’s commercial development operation secured redevelopment agreements for Wokingham and Basildon town centres.
Barratt’s overall half-year turnover totalled £877.6m, slightly up on the £872.4m for the same period a year earlier. Housebuilding accounted for £847.2m.
The group posted a pretax loss of £4.6m compared with a loss of £178.4m a year ago.
The firm operated on 352 sites, building 4,832 homes, during the six months compared with 5,053 in the second half of 2009.
In the six months to 30 June 2011, Barratt expects to open a further 100 sites.
Group chief executive Mark Clare said: “2011 has started well, with encouraging sales rates and stable underlying pricing.
“However, the market remains fragile and longer-term recovery continues to depend on greater availability of mortgage finance.”
nick.whitten@estatesgazette.com
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