LONDON (dpa-AFX) - Barratt Developments plc (BDEV.L), a residential construction company, on Wednesday reported higher profit before tax for the full year, particularly reflecting lesser costs associated with legacy properties.
Profit before tax for the full year increased 9.8 percent to 705.1 million pounds from 642.3 million pounds of last year. This was helped by lower adjusted items of cost associated with legacy properties of 179.2 million pounds than 412.5 million pounds a year ago.
After tax, earnings climbed to 530.3 million pounds or 53.2 pence per share from 515.1 million pounds or 50.6 pence per share of the previous year.
Adjusted profit before tax decreased 16.2 percent to 884.3 million pounds from 1.054 billion pounds a year ago.
After tax, adjusted earnings fell to 670.2 million pounds or 66.5 pence per share from 845.1 million pounds or 81.7 pence per share of the previous year.
Revenue edged up 1 percent to5.321 billion pounds from 5.267 billion pounds of the prior year, reflecting weaker completions in the second half after significant decline in reservation activity from September 2022.
Additionally, the company declared a final dividend of 23.5 pence per share higher than 25.7 pence per share last year, payable on November 3 to shareholders of record on September 29.
On Tuesday, shares of Barratt closed at 443.30 pence, down 1.12% on the London Stock Exchange.
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