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Barratt Developments' pretax profit hits record £835.5M

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Barratt Developments' pretax profit hits record £835.5M

British homebuilder Barratt Developments PLC's pretax profit for the year ended June 30 rose 9.2% to a record £835.5 million from £765.1 million in the prior year.

EPS for the period came in at 66.5 pence, up 8.5% from 61.3 pence a year earlier, while revenue increased 4.8% year over year to £4.87 billion from £4.65 billion.

The company delivered 17,579 homes during the year, up 1.1% year over year from 17,395 units, marking the highest number of completions in a decade. The average selling price on completions rose 5% to £288,900 during the period.

Forward sales climbed 11.1% to £3.05 billion as at Sept. 2, compared to about £2.75 billion as at Sept. 3, 2017.

The board proposed a final dividend for the year ended June 30 of 17.9 pence per share and a special dividend of 17.3 pence per share, taking the total dividend for the year to 43.8 pence per share, up 5% from the 41.7 pence share paid for the previous year. The final and special dividends will be paid Nov. 6 to shareholders on record as of Oct. 12.