Barratt Developments boosted by trading update

The price of shares in FTSE 100 housebuilder Barratt Developments (LON:BDEV) increased by 4.16% to 441.40p (as of 10:40 BST) after the company provided an update on recent trading. Management said that sales for the year to 12th April were ahead of the comparative period, but this is expected to slow due to limited sales activity under lockdown conditions. Management said that it was taking a number of actions to manage cash flow and costs including a freeze on recruitment, non-essential capital expenditure, and land purchases as well as cancelling the interim dividend.

Additionally, 85% of employees have been furloughed and the board, executive, and regional management teams have taken a 20% pay freeze until work on sites is able to restart.