Barratt Developments Annual Profit Before Tax Drops; Revenue Climbs

Residential property development company Barratt Developments PLC (BDEV.L) Wednesday reported profit before tax of 642.3 million pounds for the full year, lower than 812.2 million pounds a year ago, due to higher cost of sales.

Excluding one-time items, adjusted profit before tax increased to $1.055 billion pounds from 919.7 million pounds last year.

Net profit for the year declined to 515.1 million pounds or 49.8p per share from 659.8 million pounds or 64p per share a year ago.

Adjusted profit rose to 845.1 million pounds or 81.7p per share from 746.9 million pounds or 72.5p per share a year ago.

Revenue for the year increased 9.5% to 5.268 billion pounds from 4.812 billion pounds in the previous year, on increased demand.

Further, the company's Board has recommended a final dividend of 25.7 pence per share, to be paid on November 4 to shareholders on the register as on September 30.

"This has been a year of fantastic progress, with completions recovering to pre-pandemic levels and excellent productivity across our sites....Our financial strength and operational excellence position us well to navigate the macro-economic uncertainties ahead," commented David Thomas, Chief Executive of Barratt Developments.

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