Profits up 9% at Coalville housebuilding giant

Profits rose by nearly 9% at Coalville-based housebuilding giant Barratt Developments for the six months to 31 December 2016.

Barratt says the profit leap is down to its building the highest number of homes outside of London for nine years. The company made a profit of £321m over the period, despite revenues dropping by 3.2% to £1.8bn.

David Thomas, chief executive of Barratt Developments said: “As we reported in the January trading update, we have delivered another very strong first half performance, pre-tax profits were up nearly 9% and completions outside of London at their highest level in nine years.

Whilst we have increased volumes across the UK by 55% in the last five financial years, we have maintained our commitment to build quality and customer service and we are the only major housebuilder with the HBF 5 Star Customer Satisfaction Award.

With a record forward order book, strong consumer demand and a positive lending backdrop, we remain confident in our outlook for the full year. Our confidence in the business going forward is reflected in the improved and extended Capital Return Plan.”