Profit doubles at Barratt

Pre-tax profit at housebuilder Barratt more than “doubled” over the second half of last year, it said in a trading update today.

Barratt Developments, the UK’s biggest housebuilder, said it expected to deliver a 108 per cent jump in pre-tax profit of £45m for the six months to December, up from £21.6m over the same period in 2011.

Group revenues for the period stood at £950m, in line with the previous year, it said this morning.

The second half of its financial year got off to a strong start, said group chief executive Mark Clare, with the private forward order book up 35.5 per cent on the prior year at £536.5m.

“In addition, 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,” Clare added.