Barratt set to post £700m+ profit

Barratt Developments, the Coalville-based housebuilding giant, says it is on target to post full-year profits of pver £700m.

In a trading update to the London Stock Exchange this morning (May 10), Barratt announced that it’s 2017 profits before tax would be “at the top of the range of current analyst estimates”, which was £675m-£733m as at 5 May.

The firm also said that it expected to be around 17,350 for the year, the highest number of completions in nine years, and that total forward sales were at record levels – up by 12.7% as at 7 May 2017, to £3.2bn.

David Thomas, chief executive, said: “This has been another strong period both operationally and financially for the Group. We remain firmly committed to delivering industry leading build quality and customer service, recognised by the award of the Home Builder Federation’s maximum five star customer satisfaction rating for the eighth consecutive year.

“Our controlled approach to growth means we are on track to deliver 17,350 completions in the year, the highest number of completions in nine years. This, combined with the strong market backdrop, means we now expect full year profit before tax to be at the top of the range of current analyst estimates.”