<p>Barratt Developments has seen another strong year, it said today (September 4), achieving its highest number of completions in 11 years and “record” pre-tax profit.</p><p><span>Announcing its annual results for the year ending June 30 2019, the volume housebuilder said its total completions rose 1.6% to 17,856 new homes against the equivalent period last year. Pre-tax profit climbed 8.9% to £909.8 million, thanks to “margin initiatives, a strong close to the year and additional contribution from joint ventures”.</span><br/></p><p><span>Operating margin improved by 120 basis points to 18.9%. However, revenue dipped 2.3% to £4,763.1 million.</span><br/></p><p><span>Barratt said that during its financial year it experienced good customer demand “for high quality new homes” against a stable market backdrop. Its overall net private reservation rate was 0.70, marginally down on FY 2018’s 0.72, and 0.76 in the second half, compared to last year’s 0.77.</span><br/></p><p><span>The private average sales price of Barratt’s homes fell from 2018’s £328,800 to £312,000, conveying changes in mix and the firm’s trading in central London, offset partly by some underlying house price inflation.</span><br/></p><p><span>Barratt operated from an average of 379 active outlets against last year’s 380, launching 163 new outlets (2018: 142) during the year. Both included joint ventures.</span><br/></p><p><span>Having achieved its 2020 target a …