Barratt Devs post great set of numbers.
Barratt Developments report a great set of full year figures, their profits up 44.8% at £565.5 million and their shares are up 74.5% this year.
Following a year of excellent progress Barratts today posted their Annual Results for the year ended 30 June 2015, the highlights are:
Significant increase in housing completions with the Group responding to strong consumer demand across all regions
Private average selling price increased by 8.7% to £262,500 (2014: £241,600) driven by further changes in mix and house price inflation
Profit before tax increased by 44.8% to £565.5m (2014: £390.6m)
Strong cash generation resulting in net cash at 30 June 2015 of £186.5m (2014: £73.1m)
Continued to secure excellent land opportunities, approving 16,956 plots for purchase and maintained a controlled land supply of 4.5 years
Significant step up in the delivery of strategic land with 17% of FY15 (FY14: 10%) completions from strategically sourced land
Strong start to the new financial year with net private reservations per week of 257, up by 14.7% on the prior year
Total forward sales including JV’s up by 32.2% as at 6 September 2015 at £2,321.9m compared to last year
Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said: “The strong operational and financial performance in FY15 reinforces the progress we have made over the past few years. Alongside our industry leading management team, I will continue to execute on our current strategy and focus on driving further efficiencies across the business.”
You May Also Enjoy
Section 21s continue to rise ahead of looming ban
Rightmove house price data showing a 0.8% month on month increase
Canary Wharf tops the London Marathon route
46% surge in remortgaging activity in Q1
Housing market remains steady despite higher mortgage rates
