Barratt reports “outstanding progress”

Barratt’s completions are the highest in six years at 14,838 homes

Barratt’s completions are the highest in six years at 14,838 homes said the company September 10 as it announced its results for the year ending June 30 2014.

This is an 8.6% increase on the equivalent period in 2013. Barratt’s private completions rose 8.7% to 11,936 homes at an average selling price of £241,600, up 12.9%.

In what the volume housebuilder has called “a year of outstanding progress,” Barratt’s pre-tax profit more than doubled to £390.6 million against 2013.

The company’s sales rates were “significantly” up during the 12 months, rising from 0.58 net private reservations per active site per week in 2013 to 0.69. It operated from an average of 364 sites, slightly down on the 381 of last year.

Barratt said that current market conditions remained strong, with this year seeing a return to “more normal” seasonal patterns after the “exceptionally strong” summer of 2013, fuelled by Help to Buy.

As of September 7 2014, total forward sales stood at £1,505.9 million, up 22.3% on last year.

Barratt’s group CEO Mark Clare said: “This significant improvement in performance has been driven by the £3.8 billion we have committed to land investment since mid-2009, together with the recovering market and improvements in design, quality and efficiency.”

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