LONDON (dpa-AFX) - Barratt Developments PLC (BDEV.L), in its Interim Management Statement, said that the present market backdrop, in terms of consumer demand and mortgage supply, is the most positive it has seen for five years and for fiscal 2013 the Group expects to deliver a significant year on year improvement in operating profit.
In the Interim Management Statement for the 18 weeks from 1 January 2013 to 5 May 2013, the company, it is making good progress towards achieving its key stated targets of zero net debt as at 30 June 2015, a dividend cover of around three times for the financial year ending 30 June 2016 and a substantial improvement in return on capital employed in the medium term.
As previously announced, the Board expects to propose a conservatively set final dividend in respect of the financial year ending 30 June 2013.
Net private reservations per active site per week were up 9.7% in the period to 0.68, compared to 0.62 in 2012. Following the announcement of the Government's Help to Buy scheme in the March 2013 Budget, net private reservations per active site per week were up 18.0% on the prior year equivalent period to 0.72, compared to 0.61 in the prior year.
Private forward sales, excluding joint ventures, up 28.5% as at 5 May 2013 to 1.01 billion pounds, compared to 788.6 million pounds in the prior year.
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