Barratt Developments H1 Profit, Revenue Rise

Residential property development company Barratt Developments plc (BDEV.L) Wednesday reported profit before tax of 501.5 million pounds for the first six months of the year, 15.9% higher than 432.6 million pounds recorded last year.

Excluding one-time items, adjusted profit before tax was 521.5 million pounds, up from 450 million pounds in the previous year.

Net profit for the period increased to 380.5 million pounds or 37.1p per share from 351 million pounds or 33.9p per share a year ago.

Adjusted EPS was 38.6p compared with 35.3p prior year.

Revenue grew to 2.784 billion pounds from 2.247 billion pounds last year.

"We have delivered a strong operating performance for the six months to 31 December 2022. This was possible because of our significant forward order book at 30 June 2022 and the tremendous efforts of our employees, sub-contractors and supply chain partners," commented David Thomas, Chief Executive of Barratt Developments.

The company's Board has declared an interim dividend of 10.2p per share, to be paid on May 18, to shareholders on the register as on April 11.

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