LONDON (dpa-AFX) - The Berkeley Group Holdings PLC (BKG.L), a British home construction company, on Friday reported a decline in pre-tax profit for the full year, amidst a fall in share of results of joint ventures using the equity method. However, the company recorded an increase in revenue.
For the 12-month period to April 30, the Group posted a pre-tax income of 528.9 million pounds, less than 557.3 million pounds recorded last year. Net profit was 382 million pounds, or 370 pence per share, compared with the prior year's 397.6 million pounds, or 371.1 pence per share.
Share of results of joint ventures using the equity method stood at 14.7 million pounds as against 65.6 million pounds in the previous year. Operating profit improved to 500 million pounds from 479.7 million pounds a year ago.
Net Assets were 3.559 billion pounds, less than 3.560 billion pounds. Net Asset Value per share stood at 3595 pence, compared with 3363 pence per share a year ago.
Revenue was 2.486 billion pounds, up from last year's 2.464 billion pounds.
The Group noted that there is 121 million pounds due to be returned by September 30, which may be made through share buy-backs and a dividend in September to the extent there is a residual amount following any share buy-backs, which completes the annual return of 284 million pounds by September 30 under the 2011 program.
Looking ahead, Rob Perrins, Chief Executive of Berkeley Group said: 'We have adapted our business to current market conditions over the last 18 months, which results in the pre-tax profit guidance for FY26 of £450 million, with FY27 likely to be similar, based on current sales rates. Our long-term target is to make a pre-tax return on equity above 15% over the cycle but will be below this in the medium-term while the current operating environment volatility persists, and we invest in our BTR platform to increase future delivery and maximise long-term value for shareholders.'
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