Berkeley on course to meet profit target

Berkeley says it is on target to achieve pre-tax profit of £525 million for the full year ending April 2025.

The firm has today issued a trading update at its annual general meeting covering the period from May 1st 2024 to August 31st 2024.

It says: "Trading has been stable for Berkeley over the first four months of the year and we are on target to achieve our pre-tax earnings guidance for the full year ending 30 April 2025 of £525 million, 90% of which is already secured through exchanged sales contracts.

“Pre-tax profits for the year are expected to be weighted towards the first half, similarly to last year, and operating margin will therefore be slightly ahead of our long-term range (17.5% to 19.5%) for this period. Net cash at 31 October 2024 will be around £450 million (30 April 2024: £532 million) following shareholder returns of £229 million in the first half, including the £184 million proposed special dividend that is subject to approval by shareholders at today's AGM.”

Berkeley says it supports the proposed changes to the planning system and “the government's aspiration to deliver 1.5 million new homes across this parliament as part …