Barratt Developments down as revenues slide

The price of shares in FTSE 100 housebuilder Barratt Developments (LON:BDEV) dropped by 3.29% to 601.54p (as of 12:30 BST) after it reported a 2.3% drop in revenues for the six months ended 30th June. Profits before taxation for the half year were up by 8.9%.

CEO David Thomas commented: “It has been another outstanding year delivering a strong operational and financial performance. The Group’s long term investment in quality and operational excellence continues to drive margin improvements, alongside our highest number of completions for 11 years. As the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for ten years in a row, we continue to lead the industry in quality and customer service.

“Whilst there is increased economic and political uncertainty, we begin the new financial year with a strong forward order book, balance sheet and cash position which we believe provides us with the resilience and flexibility to react to potential changes in the operating environment in FY20 and beyond. We maintain our focus on the delivery of operational improvements across our business, and our commitment to deliver the highest quality homes across the country“.