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Britain’s large housebuilder, Barratt Developments, has returned to profit.
The company reported a pre-tax profit before exceptional items of £42.7m for the year to June 30, compared to a £33m loss the previous year.
Completions were down marginally at 11,171 this year compared to 11,377 last year but average selling prices improved to £198,900 from £185,200.
The company also said it had a high percentage of land with planning consent.
Things were also looking up this week for Galliford Try, which reported an 80% increase in profits.
Its annual results show a £31.6m profit compared to £17.6m for the previous year.
The company also posted a 27% increase in the number of completions, which stood at 2,170 compared to 1,705 the previous year.
Of that figure, 724 were affordable homes with an average selling price of £106,000, down from £124,000 in 2010.
Galliford Try said its landbank had also increased, up 7% to 10,250 plots.
Meanwhile, Crest Nicholson has announced a major debt restructuring which has “significantly strengthened” its balance sheet. It said that £359m of its debt had been converted to equity.
In a statement, it said: “With a strong balance sheet and current cash balances approaching £100m, Crest has a strong platform for implementing an ambitious medium-term growth strategy.”
?Crest also said that it had seen “strong summer sales”, achieving 0.67 reservations a week, against 0.56 over the same time period in 2010.
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