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Barratt Developments FY Pre-tax Profit Rises

Barratt Developments Plc. (BDEV.L) reported that its profit before tax for the year ended 30 June 2019 rose to 909.8 million pounds from last year's 835.5 million pounds, driven by margin initiatives, a strong close to the year and additional contribution from joint ventures.

Profit attributable to the owners of the company for the year grew to 740.0 million pounds or 72.3 pence per share from 671.7 million pounds or 65.9 pence per share in the previous year.

Revenue for the year declined to 4.76 billion pounds from 4.87 billion pounds in the previous year.

The company said its board will recommend a final dividend of 19.5 pence per share (2018: 17.9 pence per share) and a special dividend of 17.3 pence per share for approval by shareholders at the 2019 AGM.

The company said it remains focused on delivering our medium term targets of volume growth in wholly owned home completions of 3% - 5% per annum over the medium term, land acquisition at a minimum 23% gross margin, and a minimum 25% ROCE.

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