23 February 2018
Recent scepticism over successes in the residential market in the face of Brexit has not prevented Barratt Homes from announcing a record first-half profits.
Britain’s largest house-builder has reported that its pre-tax profits had risen by nearly 7 percent to £342.7 million, on revenue of close to £2 billion, in the six months to December 31. It completed and sold 7,324 homes during the period, 2 percent up on the same time last year. It also said that it would pay another special dividend of £175 million in November 2019, matching the £175 million special dividends that it plans to pay out in November this year.
The Leicestershire based house-building giant annually delivers more than 3,000 homes more than its competitors, from 1 bedroom flats to 6 bedroom large family-size houses. A yearly number of 17,000 homes are constructed by Barratt.
Investors have been growing increasingly concerned that housebuilders are reaching the peak of what they can deliver in terms of profit growth. As a result, their shares have been volatile in recent months. Barratt’s shares hit a post-recession high of 682¾p last October, but have been falling since then. They rose 5¼p to 567½p yesterday.
News of healthy demand, an increase in profits and another special dividend payout will be a boost for Barratt and the wider housebuilding sector at a time when the residential market appears to be cooling, particularly in London.
UK Connect (previously Countrywide Telecoms) provides broadband connectivity and the latest technologies in telecommunication to the construction and home-building industry. For more client news visit our news page.
Please fill in the form below or speak to one of our team on 0333 900 9860 and we will be in touch as soon as possible.
“Working with UK Connect has been a smooth and easy process. The team has been fantastic by going above and beyond, getting our broadband installed for us within extremely tight deadlines and ensuring the client relationship is done in an efficient manner. I have thoroughly enjoyed working with the UK Connect team, as I find they are highly reliable and have good attention to detail and carry out the job to an exceptional standard.