Housing firm Barratt Developments issue strong management statement

Private forward sales at Barratt Developments, which was established in Newcastle, topped £1.26bn

Barratt housing chief executive Mark Clare
Barratt housing chief executive Mark Clare

Housing giant Barratt Developments said it is on track to deliver another significant improvement in performance in an upbeat interim management statement.

Ahead of the North East-founded firm’s AGM in London, the company issued a market note covering the 19 week period from July 1 to November 9, in which it said market conditions remain robust across all regions of the country.

The firm said the group sales rate is strong, putting it on track to deliver its target of 15,000 completions – excluding joint ventures – for FY15.

Private forward sales are up 11.9% to £1.26bn and joint venture private forward sales, which largely relate to London business, are up 49.7% to £293.1m.

The firm also said its is continuing to secure excellent land opportunities.

Mark Clare, group chief executive, said: “We are on track to see another significant improvement in performance by continuing to focus on delivering high quality, well designed homes in places where people want to live.

“Our disciplined approach to investment in new sites is underpinning our confidence that by FY17 we can deliver at least a 20% gross margin and a minimum return on capital of 25%.”

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