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Barratt Developments Expects FY Pre-tax Profit Ahead Of Market View

UK home builder Barratt Developments Plc. (BDEV.L), in its trading update for the year ended 30 June 2019, said it·expects profit before tax to be ahead of market expectations at around 910 million pounds, driven by continued strong progress from margin initiatives, a strong close to the year and additional contribution from joint ventures. It reported profit before tax of 835.5 million pounds in 2018.

The company expects performance for fiscal year 2019 to be ahead of current market expectations driven by continued improvements from margin initiatives and strong performance across the Group.

The company reported 17,856 total homes completions in the year, including joint ventures, compared to 17,579 homes last year. Wholly owned completions were up by 2.6% to 17,111 homes from last year.

The company said it remain focused on driving further margin improvement and delivering our medium term targets of volume growth of 3-5% over the medium term, land acquisition at a minimum 23% gross margin and a minimum 25% ROCE.

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