…as Barratt chief pockets 847k in pay
BARRATT yesterday brought forward its full-year results and annual report to join its much-hyped rights issue, in which it revealed it had slumped to a £678.9m pre-tax loss.
Barratt said revenues had slid by 35.7 per cent to £2.29bn over the first six months of the year to 31 June.
Chief executive Mark Clare said: “This has been an intensely difficult year for the group following the sharp decline in the UK housing market”.
According to the company’s reports Clare has pocketed a total of £847,000 for the year.
Due to missed performance targets, he was not granted bonus payouts or a pay rise, and shares awarded in 2006 were not vested because long-term goals were not met.
Finance director Mark Pain, who stepped down in July, was paid £350,000. He was also awarded a one-off payment of £100,000 for staying at the group until October, in order to ensure an “orderly handover.”