Barratt cuts first half pre-tax losses to £4.6m – down from £178.4m

In a Statement released today Housebuilder Barratt Developments announced that it had cut first half pre-tax losses to £4.6m – down from £178.4m a year ago.

24 Feb 2011
Interim Results for the half year ended 31 December 2010

Highlights:


Revenues for the half year were in line with the prior year equivalent period at £877.6m (2009: £872.4m)
Completions for the period were 4,832 (2009: 5,053), including 36 (2009: 25) joint venture completions
Average selling price (excluding joint venture completions) increased by 5.7% against the prior year equivalent period to £175,800 (2009: £166,300), with private average selling price increasing by 10.8% to £191,900 (2009: £173,200), mainly as a result of mix changes
The drive to improve business performance and rebuild profitability led to a significant increase in operating margin to 5.0% (2009: 0.6%), with profit from operations in the first six months of £43.5m (2009: £5.2m)
Loss before tax for the period of £4.6m (2009: loss before tax of £178.4m)
Terms were agreed on £318.0m of land purchases, comprising 57 sites and 6,078 plots, which are expected to deliver attractive margins based on current selling prices
Net debt reduced year on year to £537.0m (2009: £605.3m) and is forecast to be around £400m at 30 June 2011 (30 June 2010: £366.9m)
The Group has delivered 0.57 (2010: 0.55) private sales per active site per week in the last six weeks, in line with the equivalent period in the prior year and up from 0.39 in the first half

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 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 by email at andrew.fella@onyxconsultants.co.uk

Galliford Try Pre-tax Profits up 29% at £17m

The Housebuilder and Construction Group Galliford Try’s pre-tax profits before exceptional items rose 29% to £17.0m in the six months to the end of December.

Group revenues rose to £575.9m – up from £570.0m last time – and the dividend is increased to 36% to 4.5p.

CEO Greg Fitzgerald said: “We are currently on track to deliver the objectives of our three year housebuilding expansion plan during the next financial year.

“The spring selling season remains crucial, and although it is too early to judge whether it will be sustained, the improvement in our sales rate during the first few weeks of 2011 is encouraging.

“Our strategy for managing our construction business in challenging times is working well and the underlying results give us confidence that we will be able to grow the business again when markets improve.

“Although the economic outlook is still uncertain, the board is encouraged by the group’s performance and progress in the first half of the financial year, and is confident in its strategy for delivering the objectives of its expansion plan.”

A full copy of the statement from Galliford Try can be obtained from their website http://www.gallifordtry.co.uk/investors or the following link Statement Report

If you are a house builder and need  assistance with your commercial requirements or a subcontractor looking for an introduction to major house builders such as Galliford Try then contact Andrew Fella at Onyx Construction Consultants Ltd on 01473 743682

Redrow Swings to £8.5m First-half Profit

Housebuilder Redrow plc swung to an £8.5m pre-tax profit in the first half from a previous £8.7m loss on the back of an increase in revenue and margins.

Revenue for the six months to December was up 15% to £216.1m from the previous £187.2m, despite difficult market conditions.

Average private selling prices rose by 16% to £170,500 from £147,300.

Gross margin increased to 13.4% from 7.2% as a result of both volumes and average selling prices increasing.

The group’s operating profit of £12.1m represented an operating margin of 5.6% and compared with a 2010 loss of £1.6m.

Net debt at the period end was £51.5m, up from £49.3m a year earlier, with gearing rising to 12% from 11%.

Redrow said its New Heritage Collection was proving a great success. The average New Heritage Collection private selling price was £196,000, 7% higher than equivalent homes in the previous Signature range.

New Heritage Collection homes accounted for 30% of private sales revenue in the half and the collection now featured on 50% of developments, due to rise to around 70% by June.

Current trading was in line with expectations.

Chairman Steve Morgan said, ‘In spite of the challenging conditions, Redrow’s decision to return to our traditional values with the introduction of the New Heritage Collection proved to be a great success for the business.’

‘While it is still too early to call the spring market the second half has started encouragingly with reservations during the first six weeks comfortably ahead of the same period last year.

‘These figures must be treated with a degree of caution however as they undoubtedly include some catch up from the December freeze.

‘Looking ahead, house prices have been stable for some considerable time now and we do not share the pessimism of some commentators that there will be a major fall in house prices during the coming year.

A full copy of the statement from Redrow Homes can be obtained from their website http://www.redrowplc.co.uk/corporate or the following link Statement Report

If you are a house builder and need assistance with your commercial requirements or a subcontractor looking for an introduction to major house builders such as Redrow Homes then contact Andrew Fella at Onyx Construction Consultants Ltd 0n 01473 743682

Bellway Homes Upbeat with Latest Trading Statement

Bellway Homes the 4th largest House Builder in the UK, today released another upbeat Trading Statement for the 6 months ending 31st January 2011. With details of increase in sales, increase in selling price and importantly increase in profit margin.

A full copy of the Statement can be seen by following the links at the bottom of this post but the high lights on its housing are posted below details regarding its land purchases and housing stock can be seen on our Onyx Marketing blog site:

Bellway plc

 Trading Update

 Monday 7 February 2011

Bellway is today updating the market as to its trading performance for the six months ended 31 January.

 The Group completed the sale of 2,332 homes, an increase of 85 units, compared to the six months ended 31 January 2010. The average sales price of these homes has risen from GBP155,871 in the same period last year to GBP168,000, an improvement of circa 8%. This increase, whilst aided by greater price stability during 2010, is primarily a result of the change in product mix as Bellway continues to change its focus away from apartments towards more traditional two storey homes.

 The operating margin is expected to exceed that achieved in the comparable period last year of 6.1% by almost 100 basis points.

This improvement in margin should continue in the second six months as more recently acquired sites start to contribute to completions…

The strength of this year’s spring selling season should be more apparent, when the results for the six months to 31 January 2011 are announced on Wednesday 30 March.

A full copy of the statement from Bellway Homes can be obtained from their website http://www.bellway.co.uk/corporate or the following link Statement Report

If you are a house builder and need temporary assistance with your commercial requirements or a subcontractor looking for an introduction to major house builders such as Bellway Homes then contact Andrew Fella at Onyx Construction Consultants Ltd 0n 01473 743682

 

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