Housbuilder reports pre-tax profit of 拢45m for last six months of 2012
Housebuilder Barratt has said it expects its pre-tax profit for the last six months of 2012 to more than double from its profit in the same period of 2011.
In a statement to the City the firm said it expected to report a pre-tax profit of around 拢45m in its interim results next month, up from 拢22m in 2011.
The firm said it expected to deliver a 鈥渟ignificant improvement鈥� in profitability in 2013.
I said it would report a revenue of around 拢950m for the six months to 31 December, only slightly down from 拢953m in 2011.
Barratt reported that it has made 5,085 completions in the the second half of 2012 down from 5,117 in 2011. But it added that average selling price increased 2.1% to 拢185,000.
The firm said the government鈥檚 NewBuy scheme, which as used in 7.7% of reservations over the period, was a 鈥減riority selling tool鈥�. It added that it expected to see improvements in mortgage lending in 2013.
Mark Clare, Group Chief Executive said: 鈥淭his has been a good first half performance.鈥�
鈥淲e have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth.鈥�
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