Profits jump through the roof at Barratt
BARRATT chief executive Mark Clare said its £4bn spending spree on land over the past six years had paid off after house sales reached a new high and profits soared by 74.6 per cent in the first half of the year.
The housebuilder said yesterday property sale completions reached 6,971 in the six months to 31 December, up 12.5 per cent on last year and the highest level in six years.
Pre-tax profits reached £210m and revenue grew 25 per cent to £1.6bn, as it opened nearly 100 new sites.
Clare said trading in the second half had started well, with total forward sales up by 17.5 per cent to £2.28bn.
“Over the next six months we plan to open a further 90 sites that will deliver another 13,500 new homes over their lifetime,” he said.