Barratt Developments up on revenue and profit growth

Shares in FTSE 100 residential property firm Barratt Development (LON:BDEV) climbed 3.78% to 852p (as of 14:25 GMT) despite operating margins for the six months ended 31st December dropping by 60 basis points. Revenues for the period were up by 6.3% as total completions were up by 9.3%.

CEO David Thomas commented: “We have achieved a strong first half performance, delivering continued volume growth and making good progress against our medium term targets. We have made a good start to our second half and with substantial net cash, a well-capitalised balance sheet and strong forward sales, the outlook for the full year is in line with our expectations.

‘The customer continues to be at the heart of everything we do. In 2019 we were proud to become the only major housebuilder to be awarded a 5 Star rating by our customers in the HBF survey for ten consecutive years and look forward to extending that record. We will continue to lead the industry in quality and service as we deliver the high quality homes and developments the country needs, creating jobs and supporting economic growth across England, Scotland and Wales“.