LONDON (dpa-AFX) - Berkeley Group Holdings plc (BKG.L) said it remains on track to meet its profit guidance and deliver a pre-tax profit for the year at or above the 518 million pounds reported for the year ended 30 April 2021.
In its trading update covering the period from 1 May 2021 to 31 August 2021, the company said it anticipates profit to be weighted more to the first half of the financial year and forward sales to be around the year-end level of 1.7 billion pounds at the half year.
Berkeley said it started the financial year with net cash of 1.1 billion pounds and continues to invest in its land holdings selectively and in bringing forward its portfolio of complex, long-term regeneration sites.
In addition, Berkeley noted that it will complete proposed B-share capital return of 451 million pounds later this month. It comprises both the return of the first half of the previously identified surplus capital (228 million pounds) and the remaining 223 million pounds of the regular shareholder return for the year to 31 March 2022.
Berkeley continues to anticipate that a large part of the second half of the surplus capital return (a further 228 million pounds) due by March 2023 will be allocated to land expenditure.
The proposed B-share capital return will be accompanied by a share consolidation, following which the regular, annual 281 million pounds shareholder returns will represent about 2.50 pounds per share, increased from an initial 2 pounds per share in 2016.
Following the B-share payment, the next scheduled shareholder return is the 141 million pounds in respect of the six months to 30 September 2022.
Copyright RTT News/dpa-AFX