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17th of July 2018

Economy



Barratt’s £835m record profit

Completions were up 184 to 17,579, with the average selling price for private homes rising by 5.1 percent to £329,000.

Barratt has enjoyed stronger than expected recent trading in central London.

Barratt Developments intends to pay an ordinary dividend based on 21/2 times dividend cover.

It also plans to pay special dividends of £175m in November 2018 and 2019, as previously announced.

David Thomas, Barratt’s chief executive, said: “It has been a very good year for the group both operationally and financially with strong customer demand for our high quality new homes across our business.

“We begin the new financial year with a healthy forward order book, a strong cash position and a continued focus on delivery of operational improvements across our business.

“The housing market is in a good place. We have good customer demand, we have good mortgage availability and government’s Help to Buy product has been a fantastic stimulus.

“We are already the biggest house builder by some distance so it is difficult to grow our volumes by as much 10 to 15 percent per year but we think 3 to 5 percent per year is a reasonable rate of growth.”

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