Berkeley profits helped by rising house prices

House-builder Berkeley Group saw both revenues and profits surge in the 2011/2012 fiscal year and said it would hit its medium-term profit targets quicker than first thought.

House-builder Berkeley Group saw both revenues and profits surge in the 2011/2012 fiscal year and said it would hit its medium-term profit targets quicker than first thought.

Revenue jumped by 40.2% from £742.6m to £1,041.1m in the year to April 30th. The group sold 3,656 homes, up from 2,544 the year before, while the average selling price rose from £271,000 to £280,000.

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