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.”