Barratt Developments Total Forward Sales Down 29.1%

Residential property development company Barratt Developments Plc. (BDEV.L) said that total forward sales, including joint revenuers, as at 31 December 2022 declined by 29.1% to 10,511 homes from last year. The value of the total order book, including joint revenuers, as at 31 December 2022 reduced by 32.9% to 2.54 billion pounds from the prior year.

Total home completions, including joint ventures, for the half year ended 31 December 2022 grew to 8,626 units from 8,067 units last year.

Looking ahead, the company said its full year out-turn will depend on how the market evolves in the early months of 2023. Assuming net reservation rates increase in line with normal Spring trading patterns to around 0.50 homes per active outlet per week, the company will remain on track to deliver consensus total home completions of 17,475. The Group would expect to deliver total home completions for fiscal year 2023 in the range of 16,000 to16,500.

In a separate press release, Barratt Developments said that it appointed Caroline Silver as a Non-Executive Director and Chair designate effective on 1 June 2023. Caroline will succeed John Allan as Non-Executive Chair on 6 September 2023. She will also join the Remuneration and Nomination Committees on 1 June 2023, and become Non-Executive Chair of the Nomination Committee on 6 September 2023.

The company stated that John Allan will retire from the Board on 6 September 2023 having completed nine years of service.

Sharon White has decided to step down as a Non-Executive Director by 30 June 2023, after nearly five years on the Barratt Board.

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