- 3 updates
Barratt Developments chief executive Mark Clare said a housing recovery was not limited to London.
"We are seeing the housing market recovery starting to spread beyond London and the south east with a 29.4% increase in our average net private reservation rate across the Group," he said.
"Our £2.6 billion commitment to land investment since 2009 puts us in a good position to capitalise on these market trends."
Barratt Developments compared their results in the year to 30th June 2013 with performance in the previous year.
- Profit before tax up 73.7% to £192.3m
- Net debt reduced from £167.7m to £25.9m
- Board proposed shareholder dividend of 2.5p per share payable in November
- 13,663 completions compared to 12,857 in 2013
Mark Clare, group chief executive, said: “These are significantly improved results and we have had a very strong start to the new financial year."
Barratt Developments said their average selling price jumped to £194,000 in the year to 30th June 2013 from £180,000 in 2012.
Group operating profit was £252.7m, up 32.2% on the previous year, the house builder announced.
Revenues were up by 12.2%.
"Stronger market conditions, coupled with the extensive improvements in our operational performance, have led to a significant improvement in the financial results and the outlook for the Group," chairman Bob Lawson said.