BARRATT Developments has hailed a ‘strong operational performance in a challenging operating environment’ after the housebulder released its annual results for the year ended 30 June, 2023.
Revenue is up 1% to £5,321.4 million, with total completions down 3.9% from 17,908 to 17,206. Pre-tax profit is up 9.8% to £705.1 million.
Net cash is down slightly to £1,069.4 million, while total ordinary dividend per share is down 8.7% from 36.9p to 33.7p.
Douglas McLeod, regional MD for Barratt Developments Scotland, said, “We have delivered a strong operational performance in a challenging operating environment. Customers continue to face cost of living and mortgage affordability challenges, and new developments are increasingly constrained by an ineffective planning system.
“Today’s results reflect the hard work and dedication of our teams and the decisive actions we have taken as a business to respond to market conditions.
“Whilst we expect that the backdrop will continue to be difficult over the coming months, we are a resilient business with a strong balance sheet and an experienced management team. We remain committed to building the communities that our customers want to live in – delivering high-quality, sustainable homes at competitive prices to help address the country’s housing crisis and drive long term, sustainable growth for our business.”
