Barratt plans 1,000 more homes as profits recover
Wednesday 16 January 2013
Britain's biggest housebuilder was on bullish form today as it unveiled plans for an extra 1,000 homes in London and said it would more than double annual profits.
Barratt Developments' chief executive, Mark Clare, who has been putting the company back on firmer ground since its ill-timed £2bn acquisition of Wilson Bowden in 2007, will also pay a first dividend to investors since the credit crunch later this year.
The company has snapped up two major sites in London with a gross development value of £400m, in Southwark and Surrey Quays, adding to the 26,000 homes Barratt has built since setting up shop in the capital 30 years ago. Barratt has 22 sites under way in 17 boroughs.
London remains particularly buoyant, but the housing market is picking up across the country. Mr Clare said: "There are more signs of life in the mortgage market."
Like the rest of the industry, Barratt is benefiting from the £2bn it has spent on much cheaper land since the crash, which allows it to grow profits despite a slight fall in completions to 5,085 in the six months to 31 December.
Pre-tax profits will be about £45m for the full year, more than double the year before.
- 1 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 2 Mother fed her daughter tapeworms to make her skinny for pageant
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with President Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£30000 - £45000 per annum: Harrington Starr: A global investment management fi...
£65000 - £75000 per annum: Harrington Starr: Senior Network Engineer-(CCIE, CC...
£70000 - £80000 per annum: Harrington Starr: Senior Network Analyst - (CCIE, C...
£60000 - £80000 per annum: Harrington Starr: Senior Network Engineer-(Design, ...