<p>Berkeley says it is on target to deliver &pound;2 billion of pre-tax profit over the three years from May 2015 despite reservations down a fifth year on year.</p> <p>Announcing interim results, the firm said profit in the six months to October 2016 is up 33.9% to &pound;392.7 million. The firm has announced a new five year target to deliver at least &pound;3 billion of profit before tax in the five years from May 1 2016.</p> <p>"Excluding an hiatus around Brexit, reservations are 20% down on the same period last year, as a result of the market adjusting to increased stamp duty and the economic uncertainty arising from the result of the EU referendum," the firm said.</p> <p>Chairman Tony Pidgley said that the strong financial results were due to decisions made by Berkeley folowing the 2008 financial crisis to invest in land at the right time. But he added that there were barriers facing the industry in London and the south east which "do not relate solely to planning. They also centre on the challenge of getting land ready for development. In many instances, the issues which stop companies building more quickly are utilities, remediation, easements, compulsory purchase orders, as well …