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Barratt Developments pretax profit up 45%

Staff writer ▼ | September 9, 2015
Barratt Developments plc reported a 45% higher full-year pretax profit and said the new financial year has begun well.
Barratt Developments
Barratt Developments plc   Pretax profit in the year climbed to $869.5 million
Pretax profit in the year to June 30 climbed to GBP565.5 million ($869.5 million) from GBP390.6 million as revenue rose 19% to GBP3.76 billion. The return on capital employed was 23.9%, compared with 19.5% in the prior year.

The average selling price rose 8.7% to GBP262,500 as Barratt sold 16,447 homes, 10.8% more than last year.

"The new financial year has started very well; we have a strong forward sales position and are making very good progress towards our FY17 targets of at least a 20% gross margin and at least a 25% return on capital employed," said Chief Executive David Thomas.

Barratt proposed a final dividend of 10.3 pence a share and a further special dividend of 10 pence per share, bringing the total cash return for the year to 25.1 pence per share, up from 10.3 pence in the 2014 financial year.