Housebuilder reports record year as profits top £1bn
Leicestershire housebuilder Barratt Developments has posted record profit figures for the year-ending June 30, with the firm making a huge surplus of just over £1bn during a year in which bosses said the company had made “fantastic progress”.
Barratt reported am adjusted profit of £1.05bn during the period, with revenues also rising to £5.3bn and completions up by 3.9% to 17,908 as the firm’s key indicators returned to pre-Covid levels.
David Thomas, chief executive of Barratt Developments, said: “This has been a year of fantastic progress, with completions recovering to pre-pandemic levels and excellent productivity across our sites. Customers are at the heart of everything we do and we were awarded more NHBC Pride in the Job Awards than any other housebuilder for the 18th year in a row – testament to the high quality we consistently achieve across our sites.
“Our financial strength and operational excellence position us well to navigate the macro-economic uncertainties ahead. I’d like to thank our employees, sub-contractors and supply chain partners for helping us to continue to deliver the industry-leading, sustainable homes and developments our customers want and the UK needs.”
Looking to the future, Barratt said, based on current market conditions, it is targeting total home completion growth of 3% to 5% over the next 12 months, to between 18,400 and 18,800 homes.
