StockMarketWire.com - Homebuider Berkeley detailed plans to increase its returns to shareholders by about £455m to £1bn over the next two years.

The decision was made in light of the progress made in bringing forward new sites, and an assessment of the prevailing operating environment.

Berkeley said it had reviewed its net cash position and future requirements and now proposed to return £4.00 per share, or about £500m, by the end of March 2020 via a B share scheme, followed by a share consolidation.

This would take the total shareholder returns for the current financial year to £655m.

The homebuilder said it was in the process of bringing forward 25 large and complex residential-led developments, of which 20 had been acquired since the end of the financial crisis in 2011.

The execution of the strategy would see Berkeley increase its annual housing delivery by as much as 50% over the next six years.

'Over the six years to 30 April 2025, we are targeting the delivery of £3.3bn of pre-tax profit, with the profit in any one year ranging between £500m and £700m, depending upon the timing of delivery,' Berkeley said.

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