Housebuilder predicts record full year performance

Barratt Developments PLC has issued a trading update for the year ended 30 June 2019 ahead of publication of its annual results on 4 September 2019.

The Leicestershire-headquartered business anticipates profit before tax to be ahead of market expectations at around £910m (2018: £835.5m), driven by “continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures.”

Barratt completed 17,856 total homes in the year, including joint ventures (2018: 17,579 homes), with wholly owned completions up by 2.6% to 17,111 homes (2018: 16,680 homes).

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.”