Berkeley recorded a pre-tax profit of £392.7 million for the six months ended 31 October 2016, up 33.9% from £293.3 million for the same period last year.
“Today’s strong results reflect decisions made by Berkeley following the 2008 financial crisis to invest in land at the right time, made possible by Berkeley’s cyclical operating model,” said Tony Pidgley CBE, Chairman of Berkeley Group. “Strong forward sales, coupled with the resilient current market conditions, have enabled the Board to announce a new five year target to deliver at least £3.0 billion of profit before tax in the five years beginning 1 May 2016.”
“During a period of political upheaval around the world, which has affected the immediate economic outlook, Berkeley has focussed on its core business of regenerating run-down estates, transforming ex-industrial land, and creating successful places for people from all walks of life,” added Pidgley. “Good development benefits everyone. It makes an overwhelming contribution to jobs and the economy at every level from individual local sites to national GDP.”
Rob Perrins, Chief Executive of Berkeley Group, said, “The prevailing environment is one of uncertainty and we expect this to continue with short-term fluctuations, both up and down, likely to be a reality. Our business is well set-up to perform strongly in these conditions and is centred around London and the South East. Notwithstanding the UK’s decision to leave the European Union, we believe that London will endure as a global financial centre and a place where people from all walks of life and corners of the world will continue to aspire to live and work.”