The UK’s largest housebuilder Barratt Developments boosted its profit before tax 19 per cent in the first half of its financial year.
Barratt said its profit before tax stood at £408m in the six months to 31 January, with revenue growing seven per cent to £2.13bn and total completions rising four per cent to 7,622 over the same period.
The company also said its current trading remained strong with total forward sales up 7.3 per cent to £3.021bn at 3 February.
Net private reservations per active outlet per average week fell slightly from 0.78 last year to 0.74 this year.
Barratt said the outlook for the year remains in line with the board’s expectations.
The company also said it plans to pay special returns to shareholders of £175m in November this year and £175m in November next year
What they said
David Thomas, chief executive of Barratt Developments, said:
"The group has delivered a strong operational and financial performance across the half year. As Britain's largest housebuilder, we are helping to address the country's housing shortage by building high quality homes, growing volumes, creating jobs and supporting economic growth, whilst continuing to lead the industry in quality and customer service.
“Operating efficiencies are delivering improved margins and our controlled and disciplined business model means we have a high-quality land bank, strong forward sales, excellent financial position and efficient cash flow generation.
“Whilst we continue to monitor market conditions closely, current trading is in line with our expectations and we are confident of delivering a good financial and operational performance in FY19.”