Barratt records 73% profits

Barratt Developments chief executive Mark Clare said a housing recovery was not limited to London.

"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," he said.

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

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Barratt Developments compared their results in the year to 30th June 2013 with performance in the previous year.

• Profit before tax up 73.7% to £192.3m
• Net debt reduced from £167.7m to £25.9m
• Board proposed shareholder dividend of 2.5p per share payable in November
• 13,663 completions compared to 12,857 in 2013

Mark Clare, group chief executive, said: “These are significantly improved results and we have had a very strong start to the new financial year."

Barratt Developments said their average selling price jumped to £194,000 in the year to 30th June 2013 from £180,000 in 2012.

Group operating profit was £252.7m, up 32.2% on the previous year, the house builder announced.

Revenues were up by 12.2%.

"Stronger market conditions, coupled with the extensive improvements in our operational performance, have led to a significant improvement in the financial results and the outlook for the Group," chairman Bob Lawson said.

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