Barratt Reports Strong Performance

Housebuilder Barratt Developments Plc said that it has experienced another year of strong performance in its Annual Results Announcement for the year ended 30 June 2019.

The company said that revenue, at £4,874.8m, fell slightly compared to the previous year but that profit before tax increased 8.9% to reach £909.8m. It completed 17,856 homes, a small increase on the previous year.

David Thomas, Chief Executive of Barratt Developments, said: “It has been another outstanding year delivering a strong operational and financial performance. The Group’s long term investment in quality and operational excellence continues to drive margin improvements, alongside our highest number of completions for 11 years. As the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for ten years in a row, we continue to lead the industry in quality and customer service.

“Whilst there is increased economic and political uncertainty, we begin the new financial year with a strong forward order book, balance sheet and cash position which we believe provides us with the resilience and flexibility to react to potential changes in the operating environment in FY20 and beyond. We maintain our focus on the delivery of operational improvements across our business, and our commitment to deliver the highest quality homes across the country.”

The report attributed the company’s performance to its commitment to quality and the dedication of its employees, as well as factors such as continued low interest rates and Government support for housebuilding. Indeed, the report was palpable in its welcome for the extension of this scheme until 2023, perhaps illustrating just how important it has been to the industry in recent years.

Source London Stock Exchange
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