Pretax profit at house builder Barratt Developments has nearly doubled to £390m, while revenue increased by 21%.
The group’s pretax profit for the 12 months to 30 June was up from £192m the previous year. During the same period turnover increased by 21% to more than £3bn.
The private average selling price per home rose by 12.9% to £241,600. As at 7 September, private forward sales stood at over £1bn, compared with £880.4m at the same point in 2013.
Barratt forecast a return to more normal seasonal trends following exceptionally high levels of activity after the launch of Help to Buy in April 2013, it said.
The company also announced in its results a special cash payment to be paid over three years. The first payment of £100m would come in November followed by £125m in November 2016 and £175m in November 2017.
Mark Clare, group chief executive of Barratt, said: “This significant improvement in performance has been driven by the £3.8bn we have committed to land investment since mid-2009, together with the recovering market and improvements in design, quality and efficiency.”
joanna.bourke@estatesgazette.com
