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Berkeley Homes interim pre-tax profit has fallen by 5% to 拢110.5m as it switches its focus to generating cash flow rather than profit.

For the six months to 31 October 2004 Berkeley announced that it had increased its net cash balance to 拢249.2m after generating cash flow for the six months.

The urban regeneration specialist also announced that it returned 拢5 per share to its shareholders on 3rd December as part of its commitment to return 拢12 a share to shareholders in the next six years. The group says it will make its next return of 拢2 in December 2006.

Reservation levels for the six months at Berkeley Homes and St George were 15% down on the previous year. Berkeley blamed the five rises in interest rates but said that the fundamentals for housing were still good, with historically low interest rates, strong employment and constraints on supply due to planning delays and the overall complexity of delivering urban regeneration schemes.

Chairman Roger Lewis said: 鈥淲e welcome these more normal market conditions which play well with our strengths in terms of location, product and marketing flair. The demand housing will continue if the macro-economic climate remains favourable.鈥�

Group turnover for the group was down 10% at 拢518.7m while forward sales were 拢878m.