Housebuilder Berkeley Group has posted a fall in revenue and gross profits as sales dipped 4% amid Brexit fears.
The company said a market slowdown had caused a 20% dip in activity over the five months to the end of May, during which time there had been no new launches of London property.
In addition, the average selling price for the company’s property of £515,000 was down £60,000 on the previous year.
This pushed revenue down to just over £2bn from £2.1bn in 2015 – a 3.4% slide.
Despite this, pre-tax earnings were up to £479.9m or 5.6%, largely due to lower finance costs.
Forward sales increased to £3.2bn from £2.9bn the year before, with 3,776 new homes sold over the financial year.
Return on equity decreased from 29.5% to 27.8%.
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