Barratt reveals 12 year high for home completions

Warren Lewis
6th February 2020
house construction

Housebuilder, Barratt, has announced that it has delivered its highest half-year home completions in 12 years with 8,314 homes, a rise of 9.1%, and seen revenue and profit before tax rise accordingly.

The firm revealed that its half-year results for the six months period to December 31, 2019, saw revenue up 6.3% to £2,266 million (£2,132 million) and profit before tax up 3.7% to £423 million (£408 million).

Barratt reported an adjusted operating margin of 19.4% (2018: 19.0%), with an operating margin at 18.6% (2018: 19.2%) after adjusted items costs of £17.8 million.

This year net private reservations per active outlet per average week from January 1 to February 2 are at 0.83 (2019: 0.74) and total forward sales as at February 2020 have reached 13,043 homes (February 2019: 13,194 homes) at a value of £3,027.1 million (February 2019: £3,021.0 million).

David Thomas, CEO of Barratt Developments, said: “We have achieved a strong first-half performance, delivering continued volume growth and making good progress against our medium-term targets. We have made a good start to our second half and with substantial net cash, a well-capitalised balance sheet and strong forward sales, the outlook for the full year is in line with our expectations.

“The customer continues to be at the heart of everything we do. In 2019 we were proud to become the only major housebuilder to be awarded a Five Star rating by our customers in the HBF survey for ten consecutive years and look forward to extending that record. We will continue to lead the industry in quality and service as we deliver the high-quality homes and developments the country needs, creating jobs and supporting economic growth across England, Scotland and Wales.”

Related articles
More from Business
Latest from Financial Reporter
Latest from Commercial Reporter