Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pizza Hut's large Original Pan Pizza is now available at locations across the U.S. for $10.99. The fast food chain, a subsidiary of Yum! Brands Inc., said that fans can now get a large Original Pan Pizza with up to three of their favorite toppings, without needing to stretch their wallets. The Original Pan Pizza is a buttery golden-brown color. The U.S. Food and Drug Administration approved the first drug to treat adults and children aged 12 years and older with hypereosinophilic syndrome for six months or longer without another identifiable non-blood related cause of the disease. GlaxoSmithKline's Nucala (mepolizumab) is the first FDA-approved drug in nearly 14 years to treat this group of rare and debilitating blood diseases. Uber has won a legal battle to continue to operate in London, one of its largest markets. The ride-hailing company has been granted an 18-month license to operate in London after overturning the ban on an appeal for the second time. The Westminister Magistrates Court found Uber London Ltd. a "fit and proper" company to run the services in London.
Follow RTT