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Barratt Developments Sees Growth In FY18 Profit, Margin; Confident In New Year

UK home builder Barratt Developments Plc. (BDEV.L) reported Wednesday that it expects fiscal 2018 profit before tax to be around 835 million pounds, higher than last year's 765.1 million pounds, driven by a strong end to the financial year and early progress on margin initiatives.

In its trading update, the company reported that regional business has performed particularly strongly over the year and as a result, operating margin grew around 50 basis points to about 17.7% from last year's 17.2%, as its margin initiatives are beginning to deliver.

The company reported 17,579 total completions in the year, including Jvs, compared to 17,395 last year. Sales rate was 0.72, same as last year.

Total plots forward sold, including Jvs, as of June 30 grew 4% at 10,155 plots at a value of 2.18 billion pounds, up from 2.14 billion pounds last year.

The company noted that market conditions remain supportive, with attractive mortgage financing available and strong consumer demand for our homes across the country.

Looking ahead, the company said its Board is confident in the future progress and that it enters new financial year with good momentum supported by a strong forward order book.

The company will update on current trading, guidance for FY19 and medium term outlook, alongside full year results announcement on September 5.

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