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Berkeley Group has posted strong results for the year ended 30 April 2008 but remains guarded about the sector鈥檚 outlook.

Pre-tax profit was up 3% from 拢188.1m to 拢194.3m while turnover rose by 8% from 拢918.4m to 拢991.5m.

The forward order book stands at 拢1.2bn, which is 29% ahead of last year.

Chief executive Tony Pidgley called the figures an 鈥渆xcellent set of results鈥� but described the 12 months as 鈥渁 year of two halves鈥�.

After what Pidgley described as a 鈥渄ramatic change鈥� in November with the onset of the credit crunch, sales fell 25% below historic levels.

Ahead of the results, one analyst said Pidgley鈥檚 outlook statement would be more important than the figures themselves.

While he called the market 鈥渃hallenging鈥� and 鈥渦ncertain鈥� there was no detail on trading prospects.

Despite the uncertainty, the City reacted positively to the results and Berkeley鈥檚 net debt level of 拢4.5m.

Kaupthing analyst Kevin Cammack said: 鈥淏erkeley has always been as much an investment in management as the market it operates in and to this end Pidgley et al are making their mark.鈥�

He also hailed the group鈥檚 plan to defer a return of 300p to shareholders to plough the cash into opportunistic land buying at a time when rivals were less able to spend.

He said: 鈥淚f approved - it should be - it once again demonstrates Berkeley's innovation and ability to play the cycles with superior strength and guile.鈥�