Housebuilder predicts big profits leap

Leicestershie headquartered housebuiding giant Barratt Developments says it full-year profit for the year will be “ahead of market expectations”.

The company said this morning that it expects to make a profit before tax of around £910m for the 12 months to 4 September – up from £835.5m in 2018.

Barratt says the strong performance has been driven by “continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures”.

David Thomas, chief executive, said: “It has been another very good year for the Group both operationally and financially. We have delivered our highest number of completions for eleven years, made further improvements to our margin and as the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for ten years in a row, we continue to lead the industry in quality and customer service.

“We begin the new financial year with a strong forward order book and cash position, continued focus on the delivery of operational improvements across our business, and an ongoing commitment to deliver the highest quality homes across the country.”