Ahead of publishing its full annual results on 7 September, Barratt Developments has said that despite ongoing supply chain and labour issues, it expects its annual profit to come in slightly ahead of forecasts.
Barratt said its expected annual adjusted pre-tax profit for the year ending 30 June to be in the range of £1.05billion to £1.06billion. The FTSE 100-listed firm reported a profit of £919.7million in 2021.
Barratt’ numbers show an average selling price for the year was around £300,000, compared to around £288,000 the previous year. The average selling price for private homes rose to £341,000, rising to £375,400 for those sold in its forward order book.
The Group completed 17,908 homes in the fiscal year 2022, up from 17,243 in 2021 and a touch ahead of its 2019, pre-pandemic annual 17,856. However, the number is a little under the 18,000 to 18,250 it forecast in February. The company’s update said: “Total home completions were impacted by the deferral into FY23 of a London apartment block comprising 221 homes, reflecting resource related delays in the building control process.”
CEO David Thomas said: “While there are clearly macro-economic uncertainties ahead, the housing market remains robust, our forward order book is strong and we have the resilience and flexibility to react to changes in the operating environment.”
For the current financial year, Barratt said that it has total forward sales of 13,579 homes valued at £3.62billion as at 30 June.
Barratt’s report also mentioned its ‘green’ agenda, stating: “The Zed House is an important milestone on our journey to meet our target that all of our new homes will be zero carbon in use from 2030.”
