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| Barratt Developments provides update on trading Britain's best-known house builder Barratt Developments PLC has issued a trading update for the year ended 30th June 2006, ahead of Preliminary results which will be announced on 27th September 2006. Barratt Developments expect to confirm its 14th consecutive year of growth with further increases in completions and continuing pre-tax profit. In addition, the company have again increased its investment in land whilst maintaining strong cash disciplines, with average gearing of 11% throughout the financial year and net cash of circa. £38m at the year end. Total completions increased by 1.8% to 14,601 (2005: 14,351) at an average selling price of £165,800, down 3.7% on 2005 as a result of an increased proportion of social housing. Private completions were 5.5% lower at 11,899, at an increased average selling price of £182,800, up 0.4%. Social housing completions increased by 53.5% to 2,702, at an average selling price of £90,500, down 11% due to geographic mix. Barratt Developments again strengthened the size and quality of the land bank which has now increased to c.66,500 plots (2005: 61,000), including 7,500 plots (2005: 7,000 plots) agreed subject to contract. This equates to 4.5 years' supply at current volumes (2005 4.3 years). write your comments about the article :: © 2006 Construction News :: home page |