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Berkeley Group reaffirms 5-year target of £3.4B pretax profit

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Berkeley Group reaffirms 5-year target of £3.4B pretax profit

The Berkeley Group Holdings plc reaffirmed its guidance for pretax profits for the five-year period from May 1, 2016, to April 30, 2021, to be at least £3.38 billion, with a target to deliver at least £1.58 billion in the two years ending April 30, 2019.

The U.K.-based property developer expects its net cash for its fiscal first half to be more than its year-end position of £687.3 million, excluding possible large land transactions before Oct. 31.

In the four months from May 1 to Aug. 31, the company said it acquired five new sites.

The company will pay a dividend of £44.0 million, or 33.30 pence per share, to its shareholders on Sept. 14. The remainder of the £139.2 million return for the six months ending Sept. 30 have been satisfied through share buybacks, the company said in its latest trading update. It will make the next six-month return of £139.2 million, or £1.06 per share, by March 31, 2019.