Wednesday 26 November 2014

Builder Barratt expects profits to come in at top end

Published 10/07/2014 | 08:54

British builder Barratt Developments said it expected its full-year profit to come in at the top end of forecasts, at about £390m, after a strengthening house market resulted in a 8.6pc rise in completed sales.

The company's completions for the year to end-June, including joint ventures, were 14,838, in line with its guidance, after sales rates at its sites improved during the year.

It said on Thursday that forward sales had jumped 44.7pc to £1.2bn, and it expected to deliver a further significant improvement in performance in the current financial year.

Analysts had forecast pretax profit of between £366m and £387.1m, according to a Thomson Reuters consensus.

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