News Barratt Developments Post 113 Increase Pre Tax Profit

Housebuilder Barratt Developments has posted its interim results for the six months ended 31 December 2012, which show profit before tax increased by 113.4% to £46.1m from £21.6m in 2011.

Group revenues were £951.1m compared to £952.8m in 2011 while profit from operations for the period increased by 32.2%, with a significant improvement in operating margin to 8.5%.

Mark Clare, group chief executive of Barratt Developments, said: “This has been a good first half performance with a 113% increase in pre-tax profit. Our order book of more than £1.1bn reflects the strong customer interest we have seen in the early weeks of the year, supported by both NewBuy and better lending conditions.

“We’re continuing to invest in new land to drive the future performance of the business and we expect a further significant improvement in profitability in this financial year.”

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