Developer says it will still meet targets
Developer and regeneration specialist Berkeley Group Holdings saw its profits drop by 拢13m in its latest figures.
In its six month results to October 2005, the firm saw profit before tax tumble 13.3% from 拢99.2m in May to October 2004 to 拢86m in the same period in 2005.
The firm鈥檚 chairman Roger Lewis said difficult conditions would depress future margins. He said: 鈥淭he overall effect of these market conditions - a competitive land market, stable sales prices and increases in both build and planning costs 鈥� is a reduction of 0.7% in the forward gross margin. We expect this trend to continue.鈥�
However he said the group was in a strong position to hit its full year targets.
The group made 拢80.8m from the sale of Crosby Homes to Lend Lease in July.
