<p><span>Barratt’s completions rose 6.9% during its half year with revenue up 23.9%, with the housebuilder seeing a slight recovery in trading in 2023 following a difficult end to last year. But the housebuilder cautioned it was too early to state that challenging conditions were improving, with the coming months key.</span></p> <p><span>Reporting on its half year results for the six months to December 31 2022, the volume housebuilder said its completions had risen from H1’s 8,067 to 8,626, supported by its “particularly strong” forward sales position. Revenue climbed from £2,247.1 million to £2,783.9 million.</span></p> <p><span>Pre-tax profit for the half year lifted 15.9% to £501.5 million. Profit from operations increased 13.9% to £494.2 million. Its operating margin, however, slid 150bps to 17.8%, due to £20 million of net costs incurred relating to reinforced concrete frame remediation works on legacy properties.</span></p> <p><span>Barratt’s private average selling price grew 13.6% to £372,000. Its overall private reservation rate during the six months was 44.3% below the same period the previous year, at 0.44. </span></p> <p><span>This drop reflected political and economic uncertainty impacting the first quarter, exacerbated by “rapid and significant changes” in mortgage rates with affordability, home buyer confidence and reservations affected in the second quarter. …