Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Barratt reaffirms full-year forecast on robust demand

Published 10/05/2018, 07:48
Updated 10/05/2018, 07:48
© Reuters. A company logo is seen on the side of a house at a Barratt Homes housing development near Preston

(Reuters) - Britain's biggest housebuilder Barratt Developments (L:BDEV) reported strong trading in the first four months of the year on Thursday on "robust" customer demand and said it expected full-year results in line with its expectations.

The company said strong performance across the business was driven by demand for new homes and the wide availability of mortgage finance.

British housebuilders have benefited from rising house prices, cheap mortgages and government schemes designed to help younger people get on to the housing market over the last few years.

Barratt, which said in February it was considering moving production of blocks used in construction from Germany to Britain, said it was continuing to invest in trials for modern methods of construction to address the skills shortage in the industry.

The firm said total forward sales had risen 2.5 percent to 3.29 billion pounds ($4.46 billion) by May 6, equating to 833 more plots than the year-ago period.

Barratt said in its trading update for the period from Jan. 1 to May 6 that it expected to approve the purchase of more than 20,000 plots for the full year to help support future volume growth.

The company said it was trying to improve its operating margin over the medium term and was on track to implement its margin-improvement initiatives.

($1 = 0.7371 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.