Barratt profit at “top end of expectations”

Barratt completed 17,243 homes completed in the year to the end of June 2021, well above last year’s Covid-hit total of 12,604 homes and on par with 2019 levels (17,856 homes). This included 726 homes from joint ventures (2020: 570; 2019: 745).

In a trading update issued today (July 14), the firm reported strong demand across the country resulting in net private reservations per active outlet per week of 0.78 (2020: 0.60; 2019: 0.70). Profit before tax, after adjusted items of around £107 million, is expected to be at the top end of the range of market expectations (range of £761 million to £812 million).

Forward sales (including JVs) as at June 30 2021 stood at 14,334 homes (2020: 14,326 homes; 2019: 11,419 homes) at a value of £3,473.5 million (2020: £3,249.7 million; 2019: £2,604.1 million).

David Thomas, Barratt ceo, said: "It is thanks to the hard work, resilience and flexibility of our employees and subcontractors that we made such excellent progress this year, whilst maintaining our high standards of quality and service.

“We have seen continued strong demand for our high quality, energy efficient homes on well-designed developments, enabling us to deliver 17,243 home completions this year. Whilst these are still uncertain …