Berkeley Group, the house builder focused on London and surrounding areas, said demand for its residential property in 2012 has remained resilient, encouraging it to selectively invest further in stocking up its land bank in the area.
Despite the wider economic challenges, Berkeley has delivered a robust trading performance over the period, most noticeably through the further growth in cash due on forward sales which currently exceed £1 billion compared with £813m at May 1st 2011.
Berkeley had £84m of net debt at 29th February, 2012, against its available banking facilities of £450m. It is currently anticipated that Berkeley will be moderately indebted at the financial year-end of April 30th.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The board reiterated its guidance provided on December 2nd 2011 that Berkeley aims to achieve a pre tax return on equity for the full year in line with the first half performance of 20.8%.
More to follow ...
jh
-
How inheritance tax trick is helping families save ‘six-figure sums’Happy to skip a generation to save thousands on inheritance tax? A deed of variation could be the estate planning tool you need.
-
Nationwide: House prices unexpectedly dropped in AugustHouse prices fell by 0.1% in August in a surprise drop, according to Nationwide, as “affordability remains stretched”
