LONDON (dpa-AFX) - Barratt Developments plc (BDEV.L), a residential property development company, Wednesday said it expect to deliver fiscal 2023 adjusted profit before tax in line with current market expectations.
Current Bloomberg consensus is adjusted profit before tax of 876.8 million pounds.
In its trading update for the period from January 1 to April 23, Barratt noted that net private reservations per active outlet per average week of 0.65, compared to 0.93 last year.
In the period, the company delivered 3,194 total home completions including JVs, down from prior year's 3,915 total home completions.
Total home completions in the financial year to date was 11,820 homes, down from 11,982 homes last year.
Total forward sales, including Jvs, as at April 23 were 11,525 homes, a decline of 29%.
Fully forward sold for fiscal 2023 with total forward sales, including Jvs, at April 23 of 2.96 billion pounds, compared to last year's 4.51 billion pounds.
David Thomas, Chief Executive, said, 'In February we reported early signs of recovery in our reservation rates following the exceptionally challenging trading conditions experienced at the end of 2022. Whilst the economic backdrop remains difficult, we are pleased that more positive sales rates have been maintained through this period and we are now fully forward sold for FY23.'
The company noted that trading outlook for the full year remains in line with the Board's previous expectations with the Group on track to deliver total home completions of between 16,500 and 17,000 homes including around 750 JV home completions.
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