Barratt Developments PLC show strong yearly results

Barratt Developments PLC had today issued its final results for the year ended 30 June 2013, showing an increase in group revenue of 12.2%.

This brings total group revenue to £2,606.2m up from £2,323.4m in 2012. The group saw 13,663 completions over the year, up from 12,857 in 2012.

Barratt’s groups profit before tax and exceptional items increased 73.7% to £192.3m.

Mark Clare, Group Chief Executive, said: “These are significantly improved results and we have had a very strong start to the new financial year.

“We are seeing the housing market recovery starting to spread beyond London and the south east with a 29.4% increase in our average net private reservation rate across the Group.

“Our £2.6 billion commitment to land investment since 2009 puts us in a good position to capitalise on these market trends.

“We have already increased our completion volumes by over 20% in the past two years and expect to deliver around 45,000 new homes over the next three years.”

A company statement revealed strong figures for the start of the new financial year, with a 29.4% increase in average net private reservations per week per active site for the first ten weeks compared with the same period last year.

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