LONDON (dpa-AFX) - Barratt Developments Plc (BDEV.L) reported that its total forward sales, including joint revenuers, as at 31 December 2020 increased 14.3% to 13,588 homes at a value of 3.21 billion pounds. The home values were up 19.4% on last year. It is now over 90% forward sold for this financial year.
In its trading update for the half year ended 31 December 2020, Barratt said that it delivered 9,077 home completions including joint revenuers, up 9.2% on last year.
The company now expects wholly owned completions to be between 15,250 and 15,750 homes in fiscal year 2021.
The company expects a lower level of completions in its second half relative to its first half reflecting the reduced level of work in progress carried forward at December 2020 compared to June 2020 and, as a result, a greater reliance on construction activity in the half year ahead. The company continues to expect to deliver around 650 home completions from its joint ventures.
The company said its board plans to implement a dividend policy based on a full year dividend cover of 2.5 times. It now expects to agree the resumption of dividends with the interim results on 4 February 2021.
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