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Barratt Making Good Progress Towards Medium Term Targets
Ian Ruthven, Managing Director at Barratt Developments Yorkshire West,
Housebuilder Barratt Developments PLC, has issued a trading update for the year ended 30 June 2019 ahead of publication of its annual results on 4 September 2019.
The Group has traded well across the country throughout the year and is making good progress against its medium term targets.

As Britain’s largest housebuilder Barratt remains committed to playing its part in addressing the housing shortage.

The company said its full year 2019 performance is expected to be ahead of current market expectations driven by continued improvements from margin initiatives and strong performance across the Group.

It remains focused on driving further margin improvement and delivering medium term targets of volume growth of 3-5% over the medium term.

Whilst there remains some economic and political uncertainty, the Group is in a strong position.

Ian Ruthven, Managing Director at Barratt Developments Yorkshire West, comments: “It’s been another strong year for Barratt Developments. We have delivered the highest number of completions in 11 years and achieved a five star rating for customer satisfaction for the tenth year in a row, reinforcing our position as the UK’s leading housebuilder.

“Regionally we’ve seen extremely strong demand across West Yorkshire, with lots of buyers looking to move to, or within, the area of our new homes. As the new financial year begins, our focus remains on building much-needed, high-quality new homes, creating communities and jobs and supporting economic growth across the region.”


Highlights

17,856 total homes completed including joint ventures (2018: 17,579 homes), with wholly owned completions up by 2.6% to 17,111 homes (2018: 16,680 homes)

Operating margin(1) at c. 18.9% (2018: 17.7%), with underlying margin improvement of around 70 bps, driven mainly by our margin initiatives

Profit before tax expected to be ahead of market expectations(2) at around £910m (2018: £835.5m), driven by continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures

Awarded the HBF’s maximum 5 Star customer satisfaction rating for the tenth year in a row, reflecting our commitment to quality and customer service

Strong forward sales position with total forward sales (including JVs) as at 30 June 2019 of £2,604.1m (30 June 2018: £2,175.7m)


Barratt Making Good Progress Towards Medium Term Targets, 11th July 2019, 8:00 AM