Britain’s biggest housebuilder has posted record annual profits as improved margins offset a fall in average selling prices.
Barratt Developments delivered pre-tax profits of £909.8 million for the year to the end of June, an increase of 8.9 per cent on the previous 12 months.
The profit rise came despite a 2.3 per cent decrease in revenue to £4.76 billion as the company’s average selling price fell to £274,400 from £288,900 a year earlier. Barratt said that the fall in selling prices reflected changes in its product mix and its strategy to stop developing in central London.
Britain’s biggest housebuilder has posted record annual profits as improved margins offset a fall in average selling prices.
Barratt Developments delivered pre-tax profits of £909.8 million for the year to the end of June, an increase of 8.9 per cent on the previous 12 months.
The profit rise came despite a 2.3 per cent decrease in revenue to £4.76 billion as the company’s average selling price fell to £274,400 from £288,900 a year earlier. Barratt said that the fall in selling prices reflected changes in its product mix and its strategy to stop developing in central London.
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