LONDON (dpa-AFX) - Berkeley Group Holdings plc. (BKG.L) said that it re-iterated its guidance for the delivery of £2.0 billion of pre-tax profit over the three year period ending on 30 April 2018, having delivered the first £0.5 billion of this in the year ended 30 April 2016.
Berkeley entered 2016/17 with record cash due on forward sales of £3.25 billion and future estimated land bank gross margin of £6.15 billion, respectively. This is a consequence of Berkeley operating its added value strategy which manages risk through the cycle.
In its trading update covering the period from 1 May 2016 to 31 August 2016, the company said visibility of cash flow and earnings also underpins the Company's dividend plan, of which the next £1.00 interim dividend per share is payable to shareholders on 15 September 2016 (£137 million), bringing the total returns paid to shareholders since 2011 to £6.34, with a further £10 per share to be paid evenly over the remaining 5 years to September 2021.
Berkeley said it is well positioned to deliver its earnings and dividend guidance and optimise shareholder returns in the current market conditions, whilst retaining sufficient capital to be flexible should suitable new investment opportunities arise.
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