Wednesday, October 28, 2020

Barratt Developments PLC continuing strong customer demand

Barratt Developments PLC (the ‘Group’) is holding its Annual General Meeting (‘AGM’) as a closed meeting at 12:00pm today(14th October). This trading update is for the period from 1 July to 11 October 2020 (the ‘period’). All comparatives are to the prior year equivalent period (‘2020’) unless otherwise stated. Barratt Developments PLC’s year end is 30 June 2021.

Ian Ruthven, Managing Director of Barratt Developments Yorkshire West commented: “It has been an unprecedented year, but we are thrilled to see that customer demand is strong and rising as we continue to deliver high quality homes as safely as possible. Though there are still uncertainties that lie ahead, we are confident that with a disciplined approach and a strong balance sheet, we can continue to build quality homes for local people across West Yorkshire.”

We are focused on rebuilding our completion volumes to our medium term target and capacity of 20,000 homes. We have acquired land in recent years at a minimum 23% gross margin, and through our continued focus on operating efficiencies and the rebuilding of completion volumes, we continue to target a minimum 25% ROCE in the medium term.

Based on current market conditions, construction activity levels and assuming no further national lockdowns creating disruption to our construction sites, we continue to expect to grow wholly owned completions to between 14,500 and 15,000 homes in FY21, and in addition deliver around 650 completions from our joint ventures, whilst ensuring we maintain our industry leading standards of quality and service.

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