Berkeley holds guidance despite 34% slump in reservations

by | Sep 8, 2023

(Sharecast News) – UK housebuilder Berkeley on Friday reaffirmed full-year earnings guidance but said private sales reservations were down 35% due to rising interest rates and political volatility.
In a trading statement ahead of its annual general meeting, the group said it expected to deliver pre-tax profits of at least £1.05bn across the current and next financial years; likely to be weighted slightly to full-year 2024.

Berkeley said it had more than 90% of full-year 2024 revenue exchanged and anticipated cash due on forward sales to be around £2bn at October 31, 2023 compared with £2.14bn at the end of April.

It also revealed it had not acquired any land in the period and would only invest “very selectively” in new opportunities due to what it called

the “complexity and protracted nature of the current planning system and lack of clarity surrounding certain regulatory changes”.

These issues continued to deter investment into brownfield regeneration and the wider housebuilding sector, “at a time of considerable uncertainty for the UK economy with persistent high inflation and interest rates”.

Reporting by Frank Prenesti for

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!