Berkeley Group profits soar 26 per cent

Suzie Neuwirth

HOUSEBUILDER Berkeley Group today announced that annual pre-tax profits had risen 26 per cent, which chairman Tony Pidgley attributed to “a period of sustained investment”.

Pre-tax profits rose to £270.7m and revenues rose 32 per cent to £1.37bn for the year ended 30 April 2013.

“I am delighted to report a strong set of results which underline the benefit of a strategy aligned with a cyclical market,” said Pidgley.

“A combination of 32 per cent growth in earnings in the year, an increase in cash due on forward sales to over £1.4bn and continued growth of the land bank means that Berkeley remains on track to meet the first £568m milestone payment by September 2015 under its ten year plan to return £1.7bn to shareholders.”