Housebuilder says revenue rose 8.6% for the second-half of 2011 with profit up 40%

Barratt developments has reported an 8.6% rise in revenue for the second half of 2011 and a 鈥渟trong鈥� start to 2012.

The housebuilder said today its revenue for the six months to December 31 was 拢952.8m, up from 拢877.6m in the same period in 2010 with profit from operations 拢61.1m, up 40.5% from the previous year鈥檚 figure.

It said average selling prices had increased by 3.1% to 拢181,200.

Group chief executive Mark Clare said the company鈥檚 performance had continued to improve despite the wider economic uncertainty.

鈥淲e have delivered a further substantial increase in profits and recently-acquired high margin land is now driving further recovery,鈥� he said.

鈥淲e have again brought debt and land creditors in below expected levels.

鈥淲e have seen a strong start to 2012 and over the first seven weeks private reservatons are running 21.8% ahead of this time last year.鈥�

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