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| Barratt Developments reports fiscal 2007 results Barratt, which became Britain's third-biggest homebuilder, revealed pre-tax profits of £427.8m for the year. Completions increased to 17,168 (2006: 14,601) up 17.6%, with an average selling price of £172,800 (2006: £165,800) up 4.2% and a 25.3% increase in the group turnover to £3,046.1m (2006: £2,431.4m). Barratt's profit before tax and restructuring costs increased by 16% to £454.0m (2006: £391.4m). "Good progress was made in 2007 with improved performance across the board despite the more challenging market and the complexity of the integration of Wilson Bowden," CEO Mark Clare said. "Including the impact of Wilson Bowden's results for the two months, turnover increased to £3,046.1m, a 25.3% increase on the previous year. Completion numbers were up by 17.6% at 17, 168 and profit from operations before restructuring costs increased by 22.7% to £507.2m. Barratt said advance sales were up 67.3% at a record £1.4bn to the end of June and the group had reached 54% of its housing completion target for the current year. Barratt said its Board is recommending an increase in the final dividend of 17.5% to 24.30p per share, bringing the full year to 35.68p per share, 15% above last year. write your comments about the article :: © 2007 Construction News :: home page |