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Berkeley Group FY19 Profit Down, Revenues Up; Warns On FY20 Profit - Quick Facts

Berkeley Group Holdings Plc.(BKG.L), a builder of homes, neighborhoods and communities, reported Wednesday that its fiscal 2019 pre-tax profit declined 20.7 percent to 775.2 million pounds from 977.0 million pounds last year. The company said the results were at the top end of market expectations, reflecting resilient trading in the year.

Earnings per share fell 18.1 percent to 481.1 pence from 587.4 pence a year ago.

Revenue was 2.96 billion pounds, 4.1 percent from 2.84 billion pounds a year ago.

The company reported sales of 3,698 homes at an average selling price of 748,000 pounds, compared to sales of 3,678 homes at a price of 725,000 pounds last year.

In line with existing guidance and the original plan, pre-tax profit for 2020 is anticipated to fall by around a third from last year.

Chief Executive Rob Perrins said, "Berkeley starts the coming year from a position of strength, with net cash of £975.0 million, forward sales of £1.8 billion and an estimated £6.2 billion of gross profit in our land holdings, and this means we can look beyond the current period of uncertainty with confidence."

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