Barratt Developments posted a rise in full-year profit and revenue on Wednesday as completions recovered to pre-pandemic levels.
In the year to 30 June, adjusted pre-tax profit grew 14.7% to a record £1.05bn, with revenues up 9.5% at £5.27bn, as completions increased 3.9% to 17,908.
The housebuilder said it had made “excellent” progress in a year of strong housing demand. Despite ongoing macroeconomic uncertainties, housing market fundamentals remain attractive, Barratt said, highlighting strong demand for high-quality, energy-efficient homes since the UK emerged from the initial Covid lockdown in summer 2020.
“The strength of new housing demand, as well as years of under supply, underpin the Government’s ongoing target to build 300,000 new homes each year. We are well positioned to deliver the high-quality, energy-efficient and sustainable developments needed across the UK,” it said.
Based on current market conditions, Barratt is targeting total home completion growth of 3% to 5% in FY23, to between 18,400 and 18,800 homes.
Chief executive David Thomas said: “This has been a year of fantastic progress, with completions recovering to pre-pandemic levels and excellent productivity across our sites.”
