- Barratt Developments met its guidance as annual profit rose 9% on improved margin growth, though the homebuilder said it expected to grow volume towards the lower end of its medium-term target range in 2020, in line with current market expectations.

For the year ended 30 June, pre-tax profit rose 8.9% to £909.8m despite a 2.3% drop in revenue to £4.8bn.

That was in line with previous guidance for pre-tax profit of £910m.

The homebuilder completed a total of 17,856 homes, with wholly owned completions up by 2.6% to 17,111 homes from a year ago.

The sales rate for the year was 0.70 net private reservations per active outlet per week and its total average selling price for the year was about £274,400, down from £288,900.

The company reported total forward sales as at 1 September 2019 of 12,911 homes, up from 12,648 last year.

'We remain focused on delivering our medium term targets of volume growth in wholly owned home completions of 3% to 5% per annum over the medium term, land acquisition at a minimum 23% gross margin, and a minimum 25% return on capital employed (ROCE),' the company said.

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