Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Barratt Posts First Full-Year Profit Since 2008 on Wider Margins

Sept. 12 (Bloomberg) -- Barratt Developments Plc, the U.K.’s largest homebuilder by volume, posted its first full-year profit since 2008 as the company widened margins by building on land acquired at discounted prices.

Net income was 67.4 million pounds ($108.3 million) compared with a loss of 13.8 million pounds a year earlier, the London-based company said in a statement today. Revenue increased 14 percent to 2.32 billion pounds and the operating margin widened to 8.2 percent from 6.6 percent.

“Despite continued uncertainty surrounding the wider U.K. market and constrained levels of mortgage finance, we expect to make further good progress in 2012/13 with more than half of our completions forecast to be delivered from recently acquired higher margin land,” Chief Executive Officer Mark Clare said in the statement.

British homebuilders have increased revenue amid restrained mortgage lending and little change in home values after focusing on widening margins. The U.K. government has tried to bolster the housing market by easing planning laws and reducing the down payments needed by some first-time buyers.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.