Barratt Developments PLC (the 'Group') is today issuing a trading update for the year ended 30 June 2018 (the 'year') ahead of publication of its annual results on 5 September 2018. All comparatives are to the year ended 30 June 2017 ('2017') unless otherwise stated.
Highlights
· Strong financial and operational performance for the full year
· 17,579 total completions (including JVs) (2017: 17,395) - the highest level of completions in a decade
· Profit before tax expected to be around £835m (2017: £765.1m), driven by a strong end to the financial year and early progress on margin initiatives
· Sales rate of 0.72 (2017: 0.72) net private reservations per active outlet per week(1)
· Total plots forward sold (including JVs) as at 30 June 2018 up 4.0% at 10,155 plots (30 June 2017: 9,762 plots) at a value of £2,175.7m (30 June 2017: £2,144.4m)
· Awarded 83 NHBC Pride in the Job Awards, more than any other housebuilder for the 14th consecutive year, and awarded the HBF's maximum five star customer satisfaction rating for the ninth year in a row, reflecting our commitment to build quality and customer service
· Year-end net cash(2) balance of c. £790m (30 June 2017: £723.7m), ahead of guidance, reflecting our strong end to the financial year
https://www.investegate.co.uk/barratt-d ... 00032000U/