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Gloucestershire Business News

Housebuilder sees strong profit growth

Housebuilder Barratt saw a surge in profits as it returned towards pre-Covid levels of activity.

Profits were up 65% on last year at £811 million, but this was still nearly 11% down on the pre-Covid levels.

Average selling prices were up this year to £288,800 from £280,300 in 2020.

Total home completions increased by 36.8% to 17,243, compared with 12,604 last year, just 3.4% below the 17,856 total in 2019.

David Thomas, chief executive of Barratt Developments, said: "We have made excellent progress this year thanks to the resilience, flexibility and hard work of our employees, sub-contractors and suppliers, who have also continued to deliver the highest standards of quality and service.

"We have begun the new financial year in a strong position and, whilst there are still uncertainties ahead, our strong balance sheet, forward order book visibility and construction activity to date all stand us in good stead."

The company is aiming towards increasing completions to 20,000 homes a year.

He added: "There is very strong demand for houses across the country and we play a crucial role in providing the high quality and sustainable homes this country needs.

"We are committed to doing so as the leading national sustainable housebuilder - building homes which have a positive environmental, social and economic impact today and into the future."

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