Year-end figures indicate a 20% jump in pre-tax profits at Barratt Developments.
National housebuilder Barratt Developments completed 17,319 homes in the year ending 30th June 2016, a rise of 5.3% over the previous year and its highest total in eight years. Described as ‘disciplined growth’ the higher level of completions helped push revenue up 12.7%. The private average selling price also increased on the previous year, up by 10.4% to £289,800.
Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said: “The strong operational and financial performance in FY16 reinforces the progress we have made over the last few years as does our disciplined volume growth. This was underpinned by our fast asset turn model and our industry leading customer service and construction excellence.
“Barratt starts the new financial year in a good position with a strong balance sheet, good forward sales and an experienced management team. Whilst we continue to monitor market conditions closely, current trading trends are positive, and I remain confident in the fundamentals of the housing sector and of our business.”
