Barratt's H2 profits up despite drop in completions compared to same period in 2015

Revenue has dropped but profits risen at Barratt during the second half of 2016, compared to the same period in 2015.

Hanham Hall in Bristol. Image: Barratt Developments
Hanham Hall in Bristol. Image: Barratt Developments

The PLC recorded earnings of £1.82 billion in the six months to 31 December 2016, down 3.2% from £1.88bn in the same period the year before, in its half year results, published this morning.

However pre-tax profits rose 8.8%, from £295 million in the second half of 2015 to £321m in the second half of 2016.

Completions at the UK’s biggest housebuilder by volume were down 5.8%, from 7,626 in the second half of 2015 to 7,180 in the second half of 2016. However the company said its completions outside of London were at their highest level in nine years.

Chief executive of Barratt Developments David Thomas said the company had "delivered another very strong first half performance".

"Whilst we have increased volumes across the UK by 55% in the last five financial years, we have maintained our commitment to build quality and customer service and we are the only major housebuilder with the HBF 5 Star Customer Satisfaction Award.

"With a record forward order book, strong consumer demand and a positive lending backdrop, we remain confident in our outlook for the full year."

 


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