Developer on a roll as completions reach 12-year peak
Barratt Developments’ plan to become the UK’s leading sustainable housebuilder continues to gather pace after the company posted a strong set of financial results for the six months to 31 December.
The Coalville-based firm has seen its revenue increase to £2.3 billion (compared to £2.1 billion during the same period last year) according to newly released figures, while its pre-tax profits have jumped to £423 million – an increase of 3.7 per cent.
Barratt also posted its highest half-year home completions in 12 years – up 9.1 per cent to 8,314 – and says it is on track to achieve 3-5 per cent growth in wholly owned completions in FY20.
Chief executive David Thomas said: “We have achieved a strong first half performance, delivering continued volume growth and making good progress against our medium term targets. We have made a good start to our second half and with substantial net cash, a well-capitalised balance sheet and strong forward sales, the outlook for the full year is in line with our expectations.
“The customer continues to be at the heart of everything we do. In 2019 we were proud to become the only major housebuilder to be awarded a 5 Star rating by our customers in the HBF survey for ten consecutive years and look forward to extending that record. We will continue to lead the industry in quality and service as we deliver the high quality homes and developments the country needs, creating jobs and supporting economic growth across England, Scotland and Wales.”
As reported by TheBusinessDesk.com, the housebuilder recently teamed up with Absolute Commercial Interiors to revamp its 10,000 sq ft Nottingham headquarters.
