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| Barratt Developments announces interim results Barratt Developments said completions for the half year were ahead of expectations at 6,905 (2007: 9,056), a decrease of 23.8%. Group revenue decreased by 23.7% to £1,261.8m (2007: £1,652.8m). The average selling price decreased by 9.7% to £160,700 (2007: £178,000). On an underlying basis, excluding the effect of product mix changes, average selling prices have decreased by approximately 27% since June 2007. The operating margin before exceptional costs decreased to 1.3% (2007: 16.6%). Barratt Developments made a loss before tax and exceptional costs of £80.0m (2007: £201.8m profit), and a loss before tax after exceptional costs of £592.4m (2007: £194.6m profit). Net debt has reduced by £315.7m since 31 December 2007 and £227.8m since 30 June 2008 to £1, 422.8m (2007: £1, 738.5m). The group continues to operate within its banking facilities and debt covenants and has repaid, ahead of schedule, the £200m term loan facility due in April 2009. Forward sales at 31 December 2008 were £456m (2007: £1,263m) representing 3,529 plots (2007: 7,498 plots). As at 15 February 2009 forward sales had increased to £633m, which taken with completions to date. write your comments about the article :: © 2009 Construction News :: home page |