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

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