LONDON (dpa-AFX) - British property developer and house-builder Berkeley Group Holdings plc (BKG.L) reported Wednesday that its first-half profit before tax climbed 26 percent to 290.7 million pounds from last year's 230.8 million pounds.
Basic earnings per share grew 34.8 percent to 201.7 pence from 149.6 pence last year.
Revenue for the first half climbed 36.3 percent to 1.22 billion pounds from prior year's 895.9 million pounds.
The company sold 1,828 homes at an average selling price of 647,000 pounds, compared to last year's sales of 1,104 units at average selling price of 799,000 pounds.
Berkeley now has 25 of its 30 long-term complex regeneration developments in production at October 31, 2021, supporting its anticipated 50 percent increase in housing delivery by 2024/25 from 2018/19 levels.
Looking ahead, the company raised earnings expectations for fiscal 2022 by around 5 percent from the current guidance which is for pre-tax profits to be at a similar level to last year's 518.1 million pounds.
Earnings guidance thereafter raised with pre-tax profits to increase by 5 percent per annum for the next three financial years. Berkeley expects to deliver approximately 625 million pounds of pre-tax profit for the year 2025.
The company also reaffirmed its commitment to 282 million pounds or 2.52 pounds per share per annum ongoing Shareholder Returns up to September 30, 2025. The next 141 million pounds is due for the six months ending September 30, 2022.
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