The description of house builder Barratt Developments as 'debt-laden' is set to become a thing of the past after a bumper year which saw profits saw and net debt almost halved.
Group revenue in the year ended June 30th up by 14.1% to £2,323.4m, with completions well ahead at 12,637 units versus 11,078 completions the year before.
Full year profit before tax and exceptional items increased by 159.3% to £110.7m from £42.7m) the previous year.
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The group signalled its intention to pay a final dividend in respect of the current financial year, but there was no pay-out for the financial year just gone.
The market has pencilled in £2.32bn for revenue and £108.84m for profit before tax. Earnings per share (EPS) are expected to be around 8.27p, and the full-year divi 0.55p.
Net debt at 30th June 2012 almost halved from a year earlier to £167.7m.
More to follow ...
JH
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