Profits rise by a fifth at Coalville housebuilder

Profits and revenue at Coalville-based housebuilder Barratt Developments have both risen after a “strong” performance for the six months to the end of December 2018.

Profit before tax rose nearly 20% to £408m, with turnover up 7.2% to £2.1bn.

The firm built 7,622 homes over the period, up 4.1% on 2017.

David Thomas, chief executive, said: “The Group has delivered a strong operational and financial performance across the half year. As Britain’s largest housebuilder, we are helping to address the country’s housing shortage by building high quality homes, growing volumes, creating jobs and supporting economic growth, whilst continuing to lead the industry in quality and customer service.

“Operating efficiencies are delivering improved margins and our controlled and disciplined business model means we have a high-quality land bank, strong forward sales, excellent financial position and efficient cash flow generation.

“Whilst we continue to monitor market conditions closely, current trading is in line with our expectations and we are confident of delivering a good financial and operational performance in FY19.”