Barratt to build 1,000 homes as profits increase

Kasmira Jefford
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BARRATT Developments yesterday revealed plans to build 1,000 homes in London after acquiring two sites in Southwark and Surrey Quays worth a total of £400m.

The UK’s largest housebuilder announced the two projects as it delivered an upbeat forecast for 2013 with operating profit expected to rise 31 per cent to £80m.

In a trading statement ahead of its interim results on 27 February, Barratt said its profits before tax would hit £45m, more than double those of the previous year. But group revenues would remain flat at £950m, with completions of 5,085 units, it said. Chief executive Mark Clare said: We have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth.”