StockMarketWire.com - Housebuilder Barratt Developments saw pre-tax profit for the 12 months to 30 June advance 65.1% to £812.2 million as it rebounded strongly from the pandemic.

The increase came as completions increased 36.8% to 17.243, revenue was up 40.7% to 4,811.7 and the operating margin was up 250 basis points at 16.9%.

However, compared with the pre-Covid June 2019 financial year, pre-tax profit was down 10%, completions were 3.4% lower and the operating margin was down 200 basis points.

Net cash was up 327.4% to £1.32 billion year-on-year and up 72.1% from the 2019 total of £765.7 million.

The company also approved £876.8 million worth of land purchases and resumed its final dividend at 21.9p, up from 19.5p in 2019.

The company reported forward sales as at 22 August of 15,734 homes up from 15,660 year-on-year.

Net private reservations per active outlet per average week totalled 0.83 from 1 July through to 22 August, 11.7% below the equivalent initial post lockdown period in FY21 at 0.94, but 22.1% above the 0.68 achieved in the same period in FY20.

CEO David Thomas said: 'There is very strong demand for houses across the country and we play a crucial role in providing the high quality and sustainable homes this country needs.

'As we work towards our medium term target of growing completions to 20,000 homes a year, we are committed to doing so as the leading national sustainable housebuilder - building homes which have a positive environmental, social and economic impact today and into the future.'



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