LONDON (dpa-AFX) - Barratt Developments (BDEV.L) reported that its profit before tax for year ended 30 June 2021 increased to 812.2 million pounds from 491.8 million pounds last year.
Profit for the year attributable to the owners of the company was 659.8 million pounds up from 399.7 million pounds in the prior year. Earnings per share from continuing operations were 64.0 pence up from 38.9 pence per share in the previous year.
Annual revenue grew to 4.81 billion pounds from 3.42 billion pounds last year.
The company noted that its wholly owned completions increased by 37.3% to 16,517 homes in the year ended 30 June 2021. Total completions including JVs for the year were 17,243 homes compared to 12,604 homes in 2020.
The company declared an interim dividend of 7.5 pence per share in February 2021 and recommended a final dividend of 21.9 pence per share compared to no dividend paid in 2020. The final dividend will be paid on 9 November 2021 to those shareholders on the register as at the close of business on 1 October 2021.
The company said it remains focused on medium term targets.
The company noted that its focus remains on rebuilding its completion volumes to its medium term target and current capacity of 20,000 homes. It has acquired land in recent years at a minimum 23% gross margin, and through its continued focus on operating efficiencies and the rebuilding of completion volumes, it continues to target a minimum 25% ROCE in the medium term.
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