Barratt Developments doubles profit

House-builder Barratt Developments said first half pre-tax profit is expected to be more than double than the prior year and anticipates a significant improvement in profit for the full year 2013.

House-builder Barratt Developments said first half pre-tax profit is expected to be more than double than the prior year and anticipates a significant improvement in profit for the full year 2013.

Pre-tax profit for the six months to December 31st is expected to be around £45m. Group revenues are forecast to be around £950m, in line with prior year, with total completions of 5,085 units.

Private completions increased by 5.3% on the previous year to 4,241 units.

Group operating profit expected to be roughly £80m for the period, up by 31% on the prior year.

Net debt at the period end was £332m, down sharply £542.2m in the prior year.

Private forward sales, excluding JVs, were up 35.5% on the prior year at £536.5m.

Chief Executive Mark Clare commented: "This has been a good first half performance. Pre-tax profit has more than doubled, net debt was significantly lower than the prior year, and we have started the second half with a strong private forward order book up by over 35%."

"In addition, we have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth."

CJ

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