Housebuilder announces bumper interim results
Berkeley Group has reported a jump in pre-tax profit of 41% in a bumper set of interim results for the year ended 31 October 2012.
The housebuilder鈥檚 pre-tax profit rose to 拢142.2m from 拢101.1m the previous year, while revenue rose 69.4% to 拢686m from 拢404.9m.
The positive figures have allowed the company to announce an interim dividend of 15p per share to be paid on April 2013, the first handout to shareholders since the last capital return of 拢2 per share in January 2008.
The pre-tax profit rise was partly thanks to growth in the firm鈥檚 underlying housebuilding operating margin, up to 19.6% from 18.8%.
Chairman Tony Pidgley said: 鈥淭hese results, delivered in an uncertain market, demonstrate the value created by acquiring land at the right point in the economic cycle.
鈥淭he quality of the land bank, enhanced by the planning consents achieved and further investment in construction, means that Berkeley remains on track to return 拢568m in cash to shareholders by no later than the first milestone date of 30 September 2015.鈥�
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