Barratt Developments said group revenues were around £875m for the half-year to end-December, in-line with the prior year period.
Average selling price (“ASP”) against the prior year equivalent period increased by c. 6% to £176k, with private ASP increasing by c. 11% to £192k, driven by changes in mix. Underlying selling prices remained stable during the period.
The group saw significant improvement in operating profit with operating margin increasing to around 5% in the period, up from 2.4% in the prior year period.
Net debt was lower than expectations at c. £540m, with full year guidance maintained at £400m to £450m.
Forward sales as at 31st December 2010 were in-line with the prior year at £645.7m.
Mark Clare, Group CEO, commented, “The Group has delivered a significant improvement in both average selling prices and operating margin even though sales volumes have been affected by difficult trading conditions. We are on course to make further progress in the second half as we open new higher margin sites and continue to be value and quality focused.”
A full copy of the statement from Barratts can be obtained from their website http://www.barrattdevelopments.co.uk/barratt/en/home or the following link Statement Report
Andrew Fella at Onyx Construction Consultants is pleased to have counted Barratt as one of his first Clients when he first went freelance many years ago helping them set up their new offices in the Eastern Region at Brentwood before they moved to new premises at Chelmsford a couple of years later having out grown the old offices. Its great to see some of the guys are still there and getting the job done.
If you are a house builder and need temporary assistance with your commercial needs or a subcontractor looking for an introduction to major house builders such as Barratts then contact Andrew Fella at Onyx Construction Consultants Ltd