Berkeley Group’s pre-tax profit has soared 64% year on year to £101.1m for the six months to 31 October, with net asset value per share climbing by 8.7% compared with the previous half-year.
NAV rose to 770.8p per share in the period, from 709.2p in the previous six months.
The group’s pre-tax profit of £101.1m compared with £61.6m for the corresponding period in 2010.
Berkeley’s turnover for the six months jumped 20.4% year on year to £404.9m.
Key business activity in the period included £30.7m exceptional profit from the disposal of a 51% interest in a Clapham Junction student accommodation scheme, and the acquisition of 1,271 housing plots.
High residential demand in central London helped Berkeley to increase its level of forward sales by 15% year on year to £937.2m.
Urban regeneration schemes it launched include Riverlight in Battersea, and One Tower Bridge.
Chairman Tony Pidgley said: “The further increase in forward sales, and the strong balance sheet, which remains ungeared, means Berkeley is increasingly well positioned to capitalise on the current market conditions.
“In terms of the housing industry more generally, the recent announcements which are aimed at stimulating the delivery of new homes are welcome.”
The company also announced that, with effect from 3 January 2012, former Evening Standard editor Veronica Wadley and PwC UK vice-chairman Glyn Barker will join the Berkeley board.
joanna.bourke@estatesgazette.com
