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.”

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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